The Noida-based startup will utilize the funds for product development, marketing and add a gamut of services
InstaAstro, a new-age wellness and spiritual services platform that combines the ancient Indian knowledge of Astrology, Yoga, Ayurveda and Meditation, raised ₹3 crores in a seed round led by Artha Venture Fund (AVF), India’s first early-stage micro-VC fund.
InstaAstro offers online predictions and consultancy; and caters to the real-life issues faced by millennials – including career, marriage & relationships, health, finances, and personal growth, amongst other aspects. Through the said services, the start-up aims to offer people peace of mind and assist them during their phase of stress. The round also saw participation from Ramakant Sharma’s LogX Ventures. The Noida-based startup will utilize the funds for product development, marketing and add a gamut of services like Live Astrologer session, Remedies, E-Pooja and Ecommerce etc., to its platform – helping them carve a niche in the holistic wellness segment. This is AVF’s 12th investment from its recently closed ₹225 crores micro-VC fund.
Astrology and other spiritual services have been an integral part of Indian traditions and culture. According to reports, the Indian spiritual and religious market is valued at a whopping $40 billion (~₹ 300,000 crores), out of which the horoscopes market in India alone is $10 billion (~₹75,000 crores), with about 2 million astrologers practising astrology. Given the potential, InstaAstro connects 500+ qualified professionals from across the country on their current roster with 60,000 monthly customers. As a result, their Monthly Recurring Revenues (MRR) and users have grown 20x and ~25x, respectively, since February 2021. The platform currently has over 30,000 monthly consultations translating to 350,000+ minutes of monthly consultation.
The startup intends to disrupt the online astrology industry and cater to the tech-savvy millennials with strong spiritual beliefs. From a consumer standpoint, InstaAstro is addressing current sector challenges like trust, the discovery of astrologers, privacy concerns, convenience, standardized customer experience and the transactional nature of conversations. They are mindful of addressing privacy concerns that have surrounded the tech-sphere for the last decade by implementing a stringent onboarding process of professionals that ensures quality control confidentiality.
Nitin Verma, Founder/CEO, InstaAstro, said, “After the lockdown, there was a clear ask for professional astrology wellness services that would help consumers deal with the ‘need to solve’ problems, that promotes mindfulness – an integral part of the mental continuum. Although astrology and other spiritual practices are an integral part of the millennial culture, the fragmented nature with the lack of a standardized process was making it challenging for the consumers to get reliable service that ensured confidentiality. Hence, we came up with a spiritual wellness platform by blending ancient Indian sciences – powered by Astrology consultation (managed marketplace) and action-based remedy. With 115 million people in India spending a minimum of $50 on traditional astrology services, we see a significant headroom for growth in India and abroad.”. Nitin Verma is an IITK alumnus. Prior to InstaAstro, he co-founded two more companies, including DByDx Software (acquired by Kelltontech Solution Ltd) and Edureka(acquired by Veranda Learning Solutions).
Anirudh A Damani, Managing Partner, Artha Venture Fund, said, “In a time where consumers are seeking out local spiritual support to resolve their pain points, it was difficult to find a professional solution in an already fragmented market – due to concerns such as authenticity, result-oriented approach and privacy.
We were impressed by the team at InstaAstro and how they have leveraged new-age technology to help consumers resolve their real-life problems in a structured manner. Moreover, with their growing roster, the platform could cater to high volumes of queries across the country/globe and use technology to create personalized, engaging experiences and measure outcomes.
Above all, Nitin is a seasoned entrepreneur with a solid track record from his previous startups. We are elated to have the InstaAstro team join the AVF family!”
Source: Business World
