A Heavenly Opportunity Worth $100 Billion
In every Hindu household, the christening ceremony of a newborn is a cherished tradition. Families entrust their trusted ‘pandit' with the task of deciphering the newborn's janam kundli (birth chart or horoscope). With the revealing of the ruling nakshatra (constellation) to birth tithis (the stellar moment of birth), this tradition assures parents of an auspicious life journey of their child. That first encounter with the family astrologer is the beginning of a many when individuals seek guidance for life’s major decisions and predictions about the future.
The most common forms of astrological services are the weekly or monthly predictions in newspapers for the respective zodiac signs. Like everything else in life, this service too went digital in 1997 when Cyber Media started an arm called Cyber Astro. The telecom giant Aircel launched an astrology service called AstroBuddy somewhere in June 2014 which received impressive traction. Subsequently, a slew of competitors including Idea, Vodafone India, Airtel and others swiftly followed suit and introduced dedicated hotline numbers for such astrology consultations at premium recharge points and eventually rolled out the service in various regional dialects too.
Hemang Arunbhai Pandit, Founder, MD and CEO, GaneshaSpeaks, worked with Hutch (now VI) in Ahmedabad from 1998 to 2003 before leaving to co-found GaneshaSpeaks with Bejan Daruwalla on 25 April, 2003. “At the time of its launch, the market size in 2003 was estimated at $10 billion and hence it was big enough but unstructured,” recalls Pandit. Driven by a vision of creating a brand synonymous with quality and trust, he aimed to establish GaneshaSpeaks as a trusted name in astrology, with the guidance of Bejan Daruwalla.
Commenting on the relevance of the sector Vikram Labhe, Founder and CEO, Melooha says, “Astrology, Bollywood, Cricket, Devotion (ABCD) are the biggest money spinners in India.” Astrology in India has transcended the realm of entertainment, ushering in significant economic growth. With inquiries spanning love, relationships, career growth and business decisions, astrology commands a vast following. Vedic astrology, tarot reading, palmistry, numerology and many other streams today are in a situation of high demand and low supplies.
*Neo-astrotech Era
Recently, Astrotalk, a modern astrology startup founded by Puneet Gupta and Anmol Jain, has been making waves across media platforms, attracting attention and headlines. The convergence of astrology and technology has revolutionised a traditional industry. Astrotalk, at the forefront of this transformation, introduced chat, live stream and call services, reshaping astrology for modern users and solidifying its position as a key player in the sector.
Previously confined to offline networks or personal connections, astrology now thrives on technology-based platforms, offering seamless sessions. This integration has catalysed a transformative wave, organising and streamlining a once-fragmented segment which attracts GenZs and millennials as well.
The Covid-19 pandemic has propelled technology integration when personal meetings were halted completely during the lockdown. As Pandit says, “The astrologer who used to be an employee before Covid has become a business partner and the whole market has become a part of the gig economy.”
*Business Based on Faith & Trust
Monetisation in the spiritual technology sector, encompassing astrology, tarot readings, virtual temple visits etcetera, thrives on faith-driven donations, The surge in spiritual tech stems from diverse factors, including the UPI revolution, affordable internet, and the app culture, complementing unwavering faith in India. Noticing the trend, startups tap into online platforms for temple visits, astrology consultations and pujas, catering to a tech-savvy demographic that seeks spiritual connections.
Saumyaa Vardhan, Co-founder and Director, Shubhpuja, opines that the spirituality segment holds immense potential for long-term relevance and sustainability within India's startup ecosystem. Melooha’s Labhe says, “The astrology market in India is expected to capture around 40 per cent of the faithtech market share in a decade.”
A report by the IMARC Group reveals that India’s spiritual market had reached a value of $58.56 billion in 2023 and is expected to reach $97.2 billion by 2028. J. N. Pandey, COO and Chief Astrologer, Cyber Astro, says, “Presently, only one-third of the spiritual market is mapped. We anticipate the spiritualtech market to be 90 per cent structured and digitised within the next five years." The report reveals that the country’s spiritual market is projected to be worth $127.8 billion by 2032.
*Astrology Dominates
The days of seeking out family astrologers are waning with the advent of astrology apps that enable consultations with professional, certified astrologers anywhere and anytime. This digital revolution has democratised astrology, making it accessible to anyone, anywhere. Advice on love, careers or life's challenges, are literally on the fingertips of the consumer. This shift marks a new era in astrology, where technology bridges the gap between advice seekers and practitioners. Vardhan says, “Unlike conventional ecommerce, this sector revolves around selling faith and trust for lifelong customer loyalty.”
The global astrology market stood at a significant $12.8 billion in 2021 and is poised to reach $22.8 billion by 2031, fueled by a compound annual growth rate (CAGR) of 5.7 per cent. Jikku Abraham, Founder and CEO, Taaraka affirms, “Astrology will be at the forefront of the faithtech market for quite some time before the other segments and use cases like online puja and more catch up.”
The digital transformation in astrology is still in its infancy, with only a small fraction of the market digitised. The vast potential of this industry remains largely fragmented and untapped. Commenting on the seismic shift in the landscape of astrology, Ayush Srivastav, Co-founder and CEO, Bodhi says, “Astrology and its related universe is close to a $8-10 billion industry as of today and growing at a fast pace. We should see multiple over $100 million revenue companies in this space.”
In the vast realm of spiritual services, astrology is poised to take up the largest slice of the market. Leading the pack Astrotalk closed FY 2024 with a remarkable Rs 640 crore revenue. Surpassing projections, its profit stands at Rs 130 crore. The founders proudly claim dominance in India's astrology market, boasting of a 80-85 per cent market share.
Marketplace-like astrology apps offer a win-win scenario, enabling astrologers to access a vast user base, unlike the limitations of individual practice in a specific area. Alok Bhatnagar, Founder, Astropatri observes that the internet has facilitated the aggregation of astrologers and faith professionals, similar to platforms such as Ola, Uber, Zomato and Swiggy. As a member of the founding team that established the internet division for the Times of India group in 1998, Bhatnagar spearheaded the creation of Astrospeak, an astrology website.
Bhatnagar explains that “Out of 140 crore Indians, roughly 50-60 per cent are believers in astrology. While there are no clear data points on the size of the market, I would still tend to agree with the projection, it can easily be Rs 50,000 crore market in a couple of years.”
Praveen Chauhan, renowned astrologer and palmist strikes a discordant note when he says, “Astrology today lacks personal touch. Fortune-tellers rely on apps, prioritising financial gain over true essence, reducing astrology to mere codes.”
*Trends Fueling Multifold Growth
*Spiritualtech Beyond Astrology
The allied market for spiritualtech encompasses a wide array of offerings, ranging from gemstones and rudraksh beads to traditional items like chadhava, flowers, diyas (lamps), agarbattis (joss sticks) prasad (offerings to deities) more commonly found in temples, along with astrology practices. This market is deeply ingrained in cultural and religious practices, with demand sustained by centuries-old traditions and beliefs. As integral components of spiritual rituals and practices, these products hold enduring significance for millions of individuals worldwide. Therefore, despite the evolution of technology and changing consumer preferences, the demand for these items is likely to endure, ensuring the longevity of this market segment.
In today's era of online shopping where you can get everything from apparel to groceries with just a tap of a finger, it's no surprise that even products related to temples, puja, and astrology are going digital. Traditional shops outside temples selling flowers, garlands, and agarbattis can shift online. Plus, one can experience the whole puja vibe virtually, from temple tours to participating in aarti ceremonies, all from the comfort of your home. Pushpanjali Banerji, Founder, AstroJudge says, “The spiritualtech sector is experiencing significant growth, propelled largely by a younger demographic aged 25-35 years and Non-Resident Indians (NRIs) who seek to maintain a strong connection with their cultural heritage and faith.”
Innovation-driven startups like Phool and Nirmalaya are revolutionising the market by offering a wide range of temple-related products. Simultaneously, platforms such as Sri Mandir, Online Puja and Vama are transforming the way people experience religious rituals. With these services, individuals can now perform pujas virtually from the comfort of their homes and offer chadhava at any temple, irrespective of geographical boundaries.
Moreover, ordering prasad from specific temples has become effortless, with delivery services ensuring that devotees receive blessed offerings directly at their doorstep.
*Divine Gemstones
According to the India Brand Equity Foundation report, India’s gems and jewellery market size was at $ 78.50 billion in FY2021 and is expected to reach $100 billion by 2027. While gemstones constitute just a fraction of this market, they represent a pivotal segment with immense growth potential. Beyond their aesthetic appeal, gemstones have gained prominence for their perceived metaphysical properties, contributing to their coherence with nine planets and their importance in Vedic astrology.
They are not merely adornments but symbols of fortune, style, and well-being. As astrology gains traction in India, the demand for gemstones as tools for enhancing luck, prosperity, and spiritual alignment is on the rise.
However, there is a pressing need for streamlining and structuring the market to ensure quality checks of gems and stones used in astrology accurately. J. N. Pandey, COO and Chief Astrologer, Cyber Astro says, “The gemstone market needs standardisation and transparency to prevent fraudulence and certification of gemstones is crucial to ensure fair pricing and build trust among consumers."
As astrology businesses flourish in India, fueled by technological advancements and shifting societal attitudes, the gemstone market is poised for continued growth.
*Temple Tourism
According to Union Ministry of Tourism data, religious tourism saw a staggering 1439 million visitors in 2022, generating Rs 1.34 lakh crore in revenue. Projections indicate that by 2028, the sector will yield a revenue of $59 billion, fostering the creation of 140 million temporary and permanent jobs by 2030.
States such as Uttar Pradesh, Maharashtra, Madhya Pradesh, Tamil Nadu, Bihar, Punjab, and Uttarakhand are poised to drive this job surge. This boom in religious tourism is not only a boon for these states but also for small enterprises in travel, tourism, hospitality and related sectors. It paves the way for entrepreneurial opportunities across diverse locations, promising significant economic growth and development. Moreover, with the rise of ‘praycations’, holy towns are witnessing a massive surge in bookings, indicating a growing trend towards spiritual and experiential travel. Religious sites such as the Tirupati Temple in Andhra Pradesh and the Vaishno Devi Temple in Jammu and Kashmir continue to hold significant spiritual and cultural importance, drawing millions of visitors each year.
"Spiritual tourism in India is set for significant growth in the next five years, with the inauguration of the Ram Mandir in Ayodhya marking a pivotal moment," says Ritesh Agarwal, OYO founder and Group CEO. OYO plans to introduce 400 properties in key spiritual destinations like Ayodhya, Varanasi, Tirupati, and Katra-Vaishno Devi by year-end, driven by increased domestic travel and interest in spiritual tourism.
Furthermore, with people of all ages showing keen interest in religious practices, especially occasional pujas, there is a growing demand among Indians living abroad who are unable to visit their homeland for such rituals. Startups are addressing this need by offering virtual solutions, allowing individuals to participate in grand pujas and rituals from anywhere in the world.
Indian tourism has embarked on a transformative journey in the Amrit Kal and it aspires to transform into a $3 trillion economic powerhouse by 2047. The vast Indian population residing abroad presents a significant market opportunity for these startups, driving substantial economic value and paving the way for multimillion-dollar businesses in India.
*Spiritual Capital Ayodhya
The recent inauguration of the grand Ram Mandir in January offers a significant economic opportunity for businesses across various sectors. Entrepreneurs and small business owners nationwide, specialising in items like earthen lamps and Ramnavami flags, experienced a surge in demand during the Ram Mandir inauguration.
Apps such as Blinkit and Swiggy Instamart are capitalising on this trend by offering dedicated categories for 'pooja essentials', further boosting the demand for artisans. Major consumer brands are seizing the opportunity, partnering with local shops and eateries in key Uttar Pradesh cities like Lucknow and Varanasi to promote their products.
The anticipated tourism influx and rise in local residents are poised to drive demand for FMCG, consumer staples, and quick-service restaurants, according to analysts at Jefferies. This surge is also expected to fuel demand for domestic and international connectivity, benefiting aviation, the railways, and ancillary service providers.
Jefferies Group LLC, a US multinational, predicts that Ayodhya will outstrip renowned pilgrimage sites like Vatican City and Mecca, drawing an estimated 50 million devotees annually. Strategic infrastructure upgrades, including a new international airport and improved transportation networks, are positioning Ayodhya as a top-tier tourism spot. This enhances Uttar Pradesh's status as a leading tourist destination, both domestically and internationally.
*Online Darshan
Two years ago, Meenakshi Lekhi, Union Minister of Culture, launched Temple 360, a web portal offering online darshan (auspicious glimpse of a deity) of significant Hindu pilgrimage sites. This digital platform allows devotees to virtually visit or get a darshan of the 12 Jyotirlinga and Char Dham from anywhere, enhancing accessibility to sacred sites.
As a result, industry veterans anticipate proactive government involvement in digitising temples nationwide. This initiative is expected to drive large-scale innovations and collaborations, ultimately leading to a significant boost in economic output across various sectors. Bhatnagar says, “Modi's focus on Sanatan values spurs comfort in faith, driving the astrology surge to see significant investors’ interest”
Looking at the current wave of Hinduism sweeping the nation, it seems that if the BJP wins the 2024 election, there will likely be an increase in the showcasing of religious and spiritual sentiments, along with substantial business growth across spiritual sectors.
* Startups & Investments
Leading venture capital (VC) firm Wavemaker led a $1.5 million seed round for a virtual spiritual app Vama in November 2023. Founded in late 2020 by Manu Jain, Himanshu Semwal and Acharya Dev, it provides easy access to epujas, edarshans and astrology services to devotees. In January 2024, a devotional platform for temples DevDham (previously DevDarshan) raised Rs 6 crore in its seed round, led by Titan Capital, All In Capital, Veda VC and TDV Partners. The startup was founded by IIT graduates Pranav Kapoor, Suyash Taneja and Sagnika Chowdhury.
In February 2024, spiritualtech startup Astrotalk raised $20 million Series A from New York-based venture capital firm Left Lane Capital. With this, the startup has raised around Rs 166 crore in total funding till date. Founded in 2017 by Puneet Gupta and Anmol Jain, it is a global marketplace that connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more.
Observing this trend, it is evident that the spiritualtech sector is attracting significant investor interest and capital inflow, akin to other booming sectors like fintech, D2C and agritech. This marks just the beginning of a potential surge in investments in spiritual ventures and the opening up of ample opportunities for startups in untapped segments of the market. There's immense potential to build scalable, profitable and sustainable startups, promising substantial returns for investors in the long run.
*Investor Interest
Spiritualtech in India has witnessed a surge in interest and investment in India, yet challenges persist in attracting capital and navigating regulatory landscapes. "Many investors hesitate to delve into the spiritual and astrotech space, citing unfamiliarity and uncertainty," says Deepak Sharma, Partner, India Accelerator. "However,” he goes on to say, “the sector holds immense potential for those willing to understand its nuances.”
Phuong Tang, Principal, Investments at Wavemaker says, "In faithtech, it's deeply immersive and personal, yet intangible. Spirituality defies fixed frameworks. Investors tread cautiously, hesitant to make public statements or invest due to its complexity." Mayank Khanduja, Partner, Elevation Capital, says, “We've witnessed the faith-related content transition from being entirely offline to becoming a top category online. The shift in user behaviour towards online excites us.”
The demand for online astrology is evident, with millions of searches conducted monthly, signaling a growing market. Yet, building scalable businesses remains a challenge owing to the sector's reliance on trust and word-of-mouth referrals. Sharma emphasises the emergence of startups like AstroTalk and Virtual Astrology, offering innovative solutions in astrology and temple management. These ventures, along with initiatives such as Temple 360 by the Ministry of Culture, underscore the sector's digital transformation.
According to Khanduja at Elevation Capital, faith and spirituality cut across demographics in India with a large spend pool of about $30-40 billion annually in areas like temple offerings, rituals and donations. “There is a large Indian diaspora that wants to stay connected with their religious roots and is willing to spend on the same,” he points out.
Looking ahead, Sharma predicts a promising trajectory for the spiritual and astrotech sectors. "Tech advancements and digital inclusion are propelling growth, alongside the nation's demographic dividend," he says. Anirudh A Damani, Managing Partner, Artha Venture Fund believes that $6.5 billion is an underestimation of the size of this market considering the two billion plus South Asian community that is an immediately addressable market opportunity, 40-100 million of them living overseas.
However, questions linger about the long-term demand sustainability, government regulation of top temples, and potential risks like boycotts. Sharma stresses the importance of addressing these concerns while exploring exit opportunities for investors. “Scalability in the astrology market is challenging due to its reliance on word-of-mouth referrals,”
Spiritualtech is an evergreen sector, considering that the allure of astrology services is unlikely to wane. Wavemaker’s Tran believes, “India, with a 1.1 billion Hindu population and one million temples, will surely be in the spotlight of such growth. Taaraka’s Abraham explains that if startups in this domain are able to deliver consistent quality and customer satisfaction, the market would open for adoption from many more consumer segments. “Largely this sector inherently brings a lot of bias for the savvy investor. Some are sceptical about the market sizing and some are non-believers,” he says.
With strategic investments and regulatory clarity, India's spiritualtech landscape is poised for transformative growth.
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