Atlys, a leading visa processing platform, today announced a significant milestone in its growth journey by raising $20 million in its Series B funding round. The round was co-led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital, with participation from existing investors and new backers such as DST Global and Headline. This brings the company’s total funding to $40 million, as it continues to revolutionize the digital travel space.
Atlys has experienced explosive growth, expanding its presence in key global markets including the United States, United Arab Emirates (UAE), and the United Kingdom. Over the past year, the platform reported a 20x growth, bolstered by its automated visa application processing for over 150 destinations. The company claims that its technology reduces rejection rates and speeds up visa processing times to as fast as 55 seconds, addressing a major pain point for global travelers.
In response to its rapid growth, Atlys has strengthened its leadership team with key hires in product development, engineering, and marketing. The platform’s expansion comes at a time when global tourism is rebounding. In 2023, outbound international tourists totaled 1.3 billion, a figure that continues to rise due to the increasing demand for digital travel solutions and expanding expatriate communities. Industry experts predict a compound annual growth rate (CAGR) of 10.5% for this sector over the next decade.
Shraeyansh Thakur, Principal at Peak XV Partners, expressed enthusiasm for Atlys’ long-term potential. “Travel continues to see strong tailwinds globally, and our thesis is that visas are just the starting point. We believe Atlys can become a broader travel services platform for various use cases, and we are excited to deepen our partnership with Mohak and the Atlys team on this journey.”
Mayank Khanduja, Partner at Elevation Capital, added, “Atlys is one of the most innovative products in the travel space, focusing not just on transaction revenue but on solving real pain points for global travelers. We are confident in their long-term vision and the value they are creating in today’s fast-paced world.”
As Atlys continues to grow, it plans to leverage this new funding to further enhance its platform and expand its service offerings, potentially positioning itself as a leader in the travel technology ecosystem.
