Visa processing platform Atlys has successfully raised $20 million in its Series B funding round, co-led by Peak XV Partners and Elevation Capital. The round also attracted participation from existing investors, as well as new backers like DST Global and Headline.

The newly acquired capital will be used to fuel Atlys’ expansion plans, enhance its product and engineering capabilities, enter new markets, and scale operations on a global level, according to the company’s press release.

The startup previously secured $12 million in a Series A round in September 2023 and $4.25 million in seed funding in October 2021. Founded three years ago, Atlys aims to simplify visa-related processes.

The company claims its technology can significantly reduce visa rejection rates and streamline processing times to as quick as 55 seconds. The platform supports applications for over 150 destinations, with an average application time of just 4-10 minutes.

Atlys has expanded its presence in key global markets, including the US, UAE, and the UK. The company has also strengthened its leadership teams across product, engineering, and marketing departments.

Currently, Atlys facilitates approximately 30,000 visa applications per month, with India contributing more than 60% of these applications, or around 20,000. Although Atlys has not disclosed its revenue figures or other key metrics, it claims to have experienced a remarkable 20x growth over the past year.

In comparison, Atlys' competitor Visa2Fly raised $414,000 in its pre-seed round in July 2022, while StampThePassport secured $500,000 in September of the same year.

According to a report by UNWTO, India saw 30 million travelers venturing abroad in 2023, marking a 20% increase year-on-year. Notably, a significant portion of this growth is attributed to travelers from tier II and tier III cities, which contributed 43% of the country’s outbound travel.