The startup intends to migrate its monolithic application to a microservices architecture to improve scalability, availability, and maintainability. Key objectives for the new architecture include service discovery, autoscaling of microservices, database design, load balancing, and avoiding downtime. The proposed architecture uses Kubernetes for container orchestration, includes an API gateway and load balancers for traffic routing, allows each microservice to have its own database, and implements fault tolerance techniques like retries and caching. The architecture would be deployed on AWS for its managed services.