Mumbai-based B2B visa processing startup, StampMyVisa, has secured Rs 4 crore in a bridge funding round led by Unicorn India Ventures (UIV). This investment marks a continued commitment from UIV, who also led StampMyVisa's seed round of Rs 6.6 crore in November 2024. The company is now setting its sights on a larger Series A funding round in the next financial year.
StampMyVisa intends to use the fresh capital to fuel its growth, enhance its marketing efforts, and support its recent acquisition of travel-tech startup Teleport. The acquisition of Teleport is expected to bolster StampMyVisa's operations in South India.
According to StampMyVisa, the company has achieved a 4X growth in its revenues. The company also touts a 99.5% visa success rate, having processed over 75,000 visas in the last six months. This high success rate is attributed to Nucleus, StampMyVisa's proprietary AI engine that automates and validates visa documentation for over 80 countries.
In addition to its core visa processing platform, StampMyVisa has launched premium offerings for travelers. These include SMV Insure, a trip protection insurance that refunds the booking value if a visa is rejected, and SMV Global, an eSIM service providing global internet connectivity at rates 40% cheaper than regular international roaming.
Rahul Borude, Co-founder and CEO of StampMyVisa, stated that India's economic growth is driving outbound travel for work, studies, and leisure. He added that while technology has disrupted many aspects of foreign travel, visa processing remains a manual process, and StampMyVisa aims to bridge this gap by using AI to make visa documentation virtually error-free. Borude also mentioned the company's plans to expand into GCC countries.
Anil Joshi, Managing Partner at Unicorn India Ventures, commented on the investment, noting that visa processing can be a stressful process with a high rejection rate due to human error. Joshi believes that StampMyVisa is streamlining the entire process with its intelligent use of AI, and UIV decided to continue investing in the company as it gears up for accelerated growth.
StampMyVisa is also focused on further development, aiming to process 80% of visa applications within five minutes, a significant improvement over the current industry average of two days. The company also intends to build fintech infrastructure with embedded credit and payment solutions for small and medium businesses.
StampMyVisa faces competition from players like Atlys, Visa2Fly, and StampThePassport.
