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Economic Times
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B2B startup StampMyVisa raises Rs 6.6 crore from Unicorn India Ventures
- StampMyVisa, the Mumbai-based start-up that streamlines and automates complex visa application processes for business travellers, has raised €770,000 ($900,000) in a pre-Series A funding round led by Unicorn India Ventures.
- The support of new funding, which will also come from other commercial sources, will be used to expand the company’s geographical coverage, enhance its artificial intelligence capabilities, and offer new services ensuring businesses can manage the visa process more easily from India.
- In addition to developing its existing proposition, StampMyVisa will be introduced a new insurance product which will provide users with visa fee refunds in the event of their document being rejected, as well as travel eSims.
- Founded in 2019, StampMyVisa uses proprietary technology to provide global B2B visa support, using a booking service with a user-friendly dashboard and requirements configurator.
- The platform enables travel agents, online travel aggregators, and other corporates to work with a streamlined visa application process, while also reducing errors and keeping the process as simple as possible.
- Business-to-business visa processing platform Atlys recently raised $20m in a series B funding round, demonstrating a rising interest in visa services among tech and fintech start-ups.
- Indian-based fintech firm Cred also received $215m in funding this week, taking its total valuation to $2.2bn.
- StampMyVisa claims it has grown by upwards of seven times since its founding and is looking to achieve a rate of one million visas issued annually over the next 12 to 18 months.
- StampMyVisa also reported that the total global e-visa market is expected to grow at a compounded annual growth rate of 11.1% reaching $2.4bn by 2032.
- Anil Joshi, managing partner of Unicorn India Ventures, said that 'StampMyVisa is filling a major gap in the fragmented B2B market by offering a transparent, efficient and future-proof platform.'
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