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Online astrology platforms see a boom! Why young professionals, startup founders are seeking career guidance | India Business News

Byusanewscart.com

Feb 22, 2024
Online astrology platforms see a boom! Why young professionals, startup founders are seeking career guidance | India Business News

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Rise of online astrology platforms: Young professionals and startup founders in India are increasingly seeking the guidance of astrologers to navigate the challenges of their careers. With pay cuts, career stagnation, and potential layoffs, these individuals are turning to online astrology platforms to gain insight into their future prospects.
Some online astrology platforms told ET that they have noticed more young professionals and startup founders seeking consultations lately. They’re curious about their future prospects, asking about things like salary raises, job promotions, career advancement, and even considering switching jobs. Startup founders are also interested in how their fundraising efforts will fare and the dynamics with their co-founders.
One such astrology platform, GaneshaSpeaks, reported a 58% year-on-year growth in revenue last fiscal year. Hemang Arunbhai Pandit, the founder, stated in recent years, their astrology platform has experienced a tenfold surge in consultations sought by young professionals and entrepreneurs, primarily aged between 23 and 35, seeking guidance on career and business matters.
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Pandit mentioned that their live chat business with astrologers grew by 58% from FY20-21 to FY22-23 and by 70% from FY19-20 to FY22-23.
Roughly one-third of consultations on platforms like Astrotalk and Astroyogi focus on topics such as performance evaluations, salary raises, and concerns about losing their jobs.
Astrotalk received $20 million in Series A funding from New York-based venture capital firm Left Lane Capital, experiencing a significant revenue increase from Rs 65 crore in FY21 to Rs 282 crore in FY23. Similarly, net profit surged from Rs 11.2 crore to Rs 27 crore during the same period. Moreover, its user base skyrocketed from 2.5 million in FY21 to 19 million in FY24.
Puneet Gupta, the founder of Astrotalk, noted a high volume of queries regarding layoffs, salary increases, potential job changes, and similar topics.
As demand surges and user bases expand, astrology and spiritual tech platforms are experiencing exponential business growth.
Gupta of Astrotalk projected estimated revenue growth of Rs 630 crore and net profit growth of Rs 130 crore for FY24. Astrotalk plans to achieve this through strategic acquisitions to expand into international markets, establish new business verticals, and recruit for key leadership positions.
Astroyogi’s COO, Aditya Kapoor also reported a tenfold increase in user base compared to the pre-pandemic period. In cities with high social media usage, 60% of online astrology users are from Gen Z, while non-Gen Z users make up the remaining 40%.
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Experts note that young people from both metropolitan areas and small towns are seeking answers amidst rising stress and uncertainty in the external business environment.
Major cities such as Delhi, Mumbai, Bengaluru, Lucknow, Jaipur, Chandigarh, and Ludhiana contribute significantly to the user traffic on these platforms.
Consultations are offered at varying price points, ranging from Rs 10 per minute to Rs 200 per minute, depending on the astrologer’s expertise. Interestingly, many of these astrologers are not only qualified in astrology but also hold backgrounds in fields like engineering and chartered accountancy.
While astrologers use the position of planets to predict the career paths of young individuals and the fate of entrepreneurs, describing their practice as a blend of mathematics and statistics, some critics remain skeptical about its scientific foundation.
Avinash Patil, president of Maharashtra Andhashraddha Nirmoolan Samiti was quoted as saying, “The rising uncertainty, insecurity and anxiety all around are leading many from the younger generation to turn to astrology and spirituality for answers, but rational analysis says it has no scientific basis.”



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