The round also saw participation from LogX Ventures, Singularity Ventures, IR Capital Partners, Blume Founders Fund and Aloke Bajpai, managing director and chief executive of Ixigo.
The funds will be used to enhance the platform, onboard more astrologers, expand footprint and build a stronger brand presence. The Noida-based company is also launching new spiritual ecommerce, daily pooja, and Reiki healing services.
“We aim for global expansion while placing a special focus on deepening our presence in the southern states, broadening our reach and impact in these key regions,” said founder and chief executive Nitin Verma.
Founded in 2021 by Verma, InstaAstro offers horoscopes, tarot readings, and numerology in various regional languages. It has more than 200,000 monthly app installations, with users spending over 50,000 minutes per day in consultations. The company is recording an annualised revenue run rate (ARR) of $5 million, the company said in a statement.
According to the firm it has a user base exceeding 5 million and has delivered over 20 million minutes of consultations to its subscribers in the fiscal year 2024.
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Commenting on the investment, Anirudh A Damani, managing partner, Artha Venture Fund said, “Astrology remains a subject of interest and cuts across economic classes. InstaAstro is rightly positioned to capture a large share of the astrology market by providing reliable and affordable access to its consumers.” The spiritual and astrology sector has witnessed significant growth, with several startups securing funding in recent months.
The company competes with the likes of AstroTalk, which raised $20 million in its first institutional funding round from New York-based venture capital firm Left Lane Capital in February this year.
In January, devotional platform DevDham (formerly DevDarshan) raised Rs 6 crore in a funding round led by Titan Capital, All In Capital, Veda VC and TDV Partners.
Last year in November, Vama, a New Delhi-based startup which offers access to virtual pujas, darshans, and astrology services to devotees from across India and the world, raised $1.5 million in a funding round led by Wavemaker Partners.
