“AI Will Catalyse Hockey Stick Growth Of Astro Sector In India”
Punit Pandey’s journey into the faithtech market began with a pivotal experience in 1996. While observing his cousin's computer hardware assembling business, he noticed a fascinating trend, every customer insisted on having software pre-installed on their assembled computers—MS Office and Kundli Software. The realisation that Kundli Software held as much demand as MS Office, especially during the era of Bill Gates' global dominance, was truly enlightening.
It highlighted the profound cultural significance and untapped potential of Kundli in India. This realisation inspired him to launch, what he calls India's first consumer mobile app, Mobile Kundli in 2001. It marked their entry into the faithtech space with a product deeply rooted in Indian tradition yet innovative in its delivery.
Pandey perceives the current faithtech landscape in India as heavily entertainment-driven, overshadowing deeper, trust-based engagement. He advocates for a paradigm shift towards revenue models centred on trust and states, "The key to transformative growth lies in shifting the revenue model from entertainment to trust." Pandey envisions AI as a disruptive force in astrotech, promising personalised and meaningful experiences where technology and tradition converge.
Sustainable Expansion Trajectory
AstroSage stands as the premier astrology app in India, boasting impressive growth numbers with revenue almost doubling annually. Pandey stresses its organic growth strategy, mirroring global giants such as Facebook and WhatsApp, propelled by word-of-mouth referrals. Notably, AstroSage's journey remains self-funded, prioritising sustainable growth and leveraging a strong user base for expansion.
With a strategic focus on AI, AstroSage aims to deepen user engagement and enhance accuracy in astrological services. Pandey outlines plans for 2024 and beyond, poised to capitalise on AI's potential and explore new frontiers in faithtech aligned with evolving consumer preferences and technological advancements.
Investor Perception of Long-Term Potential
He acknowledges the hesitation of Indian VCs and angel investors towards the faithtech sector but anticipates increased interest as the market matures. He asserts, "The faithtech sector holds enormous potential... I anticipate increased investor interest and involvement," recognising its long-term sustainability and relevance. Furthermore, he envisions a trajectory of exponential growth for India's astrology market, driven by a transition from entertainment-driven engagement to trust-based relationships. Facilitated by technological advancements, particularly in AI, he foresees a 'hockey-stick' growth pattern, positioning astrology as a cornerstone of India's faithtech market.
