The proceeds would even be employed to introduce new choices resembling an insurance coverage product to offer visa payment refunds in case of rejections, and journey eSIMs on the platform.
Based by Rahul Borude, StampMyVisa is an AI-driven visa platform that simplifies complicated visa utility processes for companies. It helps corporates, journey brokers, Conferences, Incentives, Conferences and Exhibitions (MICE) firms, and on-line journey aggregators (OTAs) by streamlining and automating visa processing, decreasing errors alongside the way in which.
In its first yr, StampMyVisa claims to have achieved seven-fold progress and is on monitor to succeed in a million visas yearly throughout the subsequent 12 to 18 months.
Lately, StampMyVisa’s bigger competitor, Atlys, raised $20 million in a collection B funding spherical led by current traders Peak XV Companions and Elevation Capital, indicating the rising curiosity in visa companies amongst tech and fintech startups aiming for world growth and entry to a broader expertise pool.
New traders, together with Headline, which has backed firms like Mistral AI, Bumble and GoPuff, additionally participated in that spherical.“The journey sector is on the cusp of a serious shift. We’re seeing a quickly rising center class in India with an growing urge for food for world experiences. AI will revolutionise the way in which Indians handle visas whereas serving to companies scale effortlessly and empowering hundreds of thousands of recent travellers to discover the world,” mentioned Borude, cofounder and CEO of StampMyVisa.
In line with the corporate, the worldwide e-visa market is projected to develop at a compounded annual progress price (CAGR) of 11.1%, reaching $2,395.2 million by 2032 from $1,030.5 million in 2024.
“Indian travellers are venturing overseas like by no means earlier than, and the necessity for seamless, scalable and digitised options in visa processing is crucial. StampMyVisa is filling a serious hole within the fragmented B2B market by providing a clear, environment friendly and future-proof platform,” mentioned Anil Joshi, managing companion, Unicorn India Ventures.