Astrotalk Aims For Rs 600 Crore Revenue In FY24, Sets Sight On IPO
Astrology startup Astrotalk has posted growth in revenue and profit in FY23, as the bootstrapped tech company sees its top-line expanding in the current fiscal.
The Puneet Gupta-led startup has posted a revenue of Rs 282 crore in FY23, as compared with Rs 115 crore in the previous fiscal—a growth of 145%. It has also reported a profit after tax of Rs 27 crore, up from Rs 7 crore in the previous fiscal, according to its filings with the Ministry of Corporate Affairs.
"With its current run rate, the company expects to clock Rs 600 crore in revenue by the end of FY24 at a healthy profit after tax of Rs 100 crore," the company said in a statement.
Astrotalk operates on a revenue-sharing model with its astrologers. About 65% of the company's revenue comes from chat consultations, while the rest comes from calls between astrologers and customers.
Of the Rs 280 crore in odd revenue, about Rs 100 crore comes from NRIs, the company said. It spent Rs 230 crore on astrologer salaries, marketing and employee salaries.
Astrotalk, founded in 2017, has not raised any external capital so far and claims to have an 80% market share in the segment, with about 15,000 astrologer partners.
"We are working towards increasing the top-line aggressively. On the back of healthy growth and revenue targets of over Rs 2,000 crore in the next couple of years, we will be doing the IPO prep once we hit these numbers," said Gupta, founder and chief executive officer of Astrotalk.
The company claims to have about 3 crore registered users and more than 4 lakh daily active users.
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