“We Are Dominating India’s Astrology Market With 80-85% Share"

What inspired you to venture into India's astrology or faith-tech market? Tell us your story.

Puneet Gupta: My journey into India's astrology and faith-tech market was spurred by a prediction from a former colleague, an astrologer, during my tenure at BNP Paribas in Mumbai. Despite initial scepticism, her forecast of me starting an IT company that would close within two years came true. This experience strengthened my belief in astrology and became an inspiration for Astrotalk.

I launched Astrotalk in 2017 and today it is a profitable startup taking astrology global. We currently occupy an 80 per cent market share, with over 15,000 active astrologers and 3 crore registered users. Our USP lies in our team of genuine, highly informed, articulate astrologers and exceptional customer experience. We also offer multiple astrology categories such as tarot card reading, Chinese horoscope, Vedic astrology and more.

How do you perceive the current landscape of India's astrology market and what opportunities do you foresee?

Anmol Jain: The landscape of India's faith-tech market reflects the deep-rooted cultural significance of these practices. Valued at US$ 44 billion in 2020, this industry is projected to grow at a CAGR of 10 per cent by 2027. The market has a lot of potential in terms of both length and breadth, viz. expansion and penetration. Indians have opened up their spiritual side and have accepted the co-existence of tech in their deepest spiritual practices. Additionally, geographical expansion to international markets and further penetration in the cities of Bharat offer great growth opportunities.

What does your company's scoreboard look like? How do you plan to use the latest funds raised?

Puneet Gupta: We have focused on building a sustainable faith tech company that generates profit and revenue and have seen consistent increases in our financial performance. Our 2022-23 revenue amounted to Rs 285 crore, while in 2021, we recorded a revenue of approximately Rs 115 crore. Our profit (PAT) increased to Rs 27 crore in FY23 from Rs 7 crore, an outstanding 285 per cent year-on-year surge. We will close the ongoing fiscal year at an ARR of Rs 800 crore and a profit of Rs 120 crore.

Astrotalk started as a bootstrapped company, without any external capital. With the promising growth curve that Astrotalk has shown, the company recently raised US$ 20 million in Series A funding from Left Lane Capital, a New York-based VC firm. This is the largest funding round in the spiritual tech industry so far. We do not have any plans of raising further funds yet and are planning a tentative IPO in 2025-26.

Tell us what strategies you have in place to capitalise on emerging trends and consumer preferences in the coming years. Anmol Jain: India's digital age is witnessing a rapid surge in online consumption, particularly among elders and residents of Tier- 3, 4 cities, and beyond. With affordable internet access, behaviour around astrology and religious devotion has swiftly transitioned online. This trend reflects a broader societal shift towards digital convenience and trust in online providers. As everything moves online, we are poised at the forefront of this transformation, catering to the evolving needs of a digitally inclined population. People across the country are seeking trustworthy digital platforms for their requirements, including astrology and we are at the forefront of this change.

According to you, has this segment enough potential to stay mainstream for the long-term? Why are not enough Indian VCs or angel investors involved in this?

Anmol Jain: Astrology is a very relevant sector when it comes to India, as it is deeply rooted in Indian culture. As a company, we have received an enthusiastic response towards our platform. We believe that there is no challenge when it comes to VC interest in India. The missing piece of the puzzle was the right business model and the right set of founders to solve the gap.

How do you envision the future of the astrology market in India? Tell us your projection in numbers.

Anmol Jain: Astrology is ingrained in India's DNA and we think this trend of people seeking spiritual advice will only continue to rise in the future. In the coming years, we are hopeful that the West will accept and embrace spiritual tech just like they accepted yoga and ayurveda. With everything getting digitised, the market devotion segment will continue to grow. We are also very hopeful that the government will support the online astrology/faith tech market moving forward. Native companies such as ours will continue to ‘Make in India, Build for the World’.

India’s online astrology market is dominated by Astrotalk, with the current market size being close to Rs 900-1000 crore. We currently occupy 80-85 per cent of the market share and truly believe the sector has a lot of potential to grow.