BENGALURU – AI-powered visa processing startup StampMyVisa has raised Rs 4 crore ($480,000) in a bridge funding round led by Unicorn India Ventures (UIV) as it prepares for a larger Series A round next financial year, the company said on Tuesday.
UIV, an existing investor, had invested Rs 6.6 crore in the company’s seed round last year. The new funding will be used to drive growth, marketing and integration following StampMyVisa’s acquisition of Teleport, a South India–based visa processing firm.
The Bengaluru-based company said it has recorded a fourfold increase in revenue and processed more than 75,000 visas in the past six months, using its in-house AI software Nucleus, which it claims has achieved a 99.5% success rate.
“India’s economic growth is driving outbound travel for work, studies and leisure, yet visa processing remains largely manual,” said Rahul Borude, co-founder and chief executive.
“Our AI-backed platform reduces errors in visa documentation, cutting rejection rates and allowing agents and corporates to process visas for over 80 countries,” Borude added.
StampMyVisa refunds travellers if visa application is rejected
StampMyVisa has also introduced new products, including SMV Insure, which refunds travellers if their visa application is rejected, and SMV Global, an eSIM-based service offering cheaper global connectivity.
Anil Joshi, managing partner, Unicorn India Ventures, said the fund decided to extend its investment after seeing strong growth and product adoption. “Visa processing is stressful and prone to human error. SMV’s intelligent use of AI is streamlining the entire process,” Joshi said.
The company said it can now process about 80% of visa applications within five minutes, compared with an industry standard of two days. It plans to expand into Gulf Cooperation Council (GCC) markets as it scales operations.
Founded in 2016, Unicorn India Ventures is an early-stage technology fund that has backed startups including SmartCoin, Clootrack, Gamerji and Genrobotics. The firm is currently closing its Rs 1,000 crore third fund, targeting investments in deep tech, SaaS and semiconductor ventures.
