Edtech platform PlanetSpark has raised a $17 million Series B round. Prime Venture Partners led the round via Seabright, InnoVen Capital, Alteria Capital, myPat, GGT3 Ventures, Ashish Gupta, and IAN Investors participated. Co-founders Maneesh Dhooper and Kunal Malik also participated in the funding round.
The Gurugram-based edtech company has raised this funding after a gap of 26 months. The funding round includes Rs 30 crore debt, and the rest is in the form of equity.
The regulatory filings reveal, “The board at PlanetSpark has passed a special resolution to issue 887 compulsory convertible preference shares (CCPS) at an issue price of Rs 3,10,000 per share and 2,271 CCPS & 1,974 equity shares at an issue price of Rs 1,51,462.32 a piece for a consideration of Rs 91.8 crore or $11 million.”
As per the company’s regulatory filings with the Registrar of Companies, the company also issued 5,000 non-convertible debentures (NCDs) aimed to raise Rs 50 crore in debt from InnoVen Capital and Alteria Capital,
The equity round was led by Prime Venture Partners with Rs 49.7 crore, followed by InnoVen Capital and Alteria Capital, which invested Rs 43.6 crore and Rs 10.9 crore, respectively. Co-founders Maneesh Dhooper and Kunal Malik also invested with Rs 14.95 crore each. FIITJEE-powered myPAT (Edfora Infotech), GGT3 Ventures, Ashish Gupta, and IAN Investors are behind the remaining sum.
The startup intelligence platform TheKredible reports that the company has raised over $34 million in debt and equity capital in several rounds. Previously, it raised $13.5 million in the Series B round in December 2021.
While the company’s financial picture in the ongoing fiscal year would be known when it discloses FY24 results, PlanetSpark’s revenue from operations grew 41.3% to Rs 42.4 crore during FY23 as compared to Rs 30 crore in FY22. TheKredible reports that the firm managed to control its losses by 18% to Rs 89.5 crore in FY23 against Rs 109.4 crore in FY22.
About PlanetSpark:
PlanetSpark offers live 1:1 classes focused on communication skills. The platform is aimed to equip learners with skills in public speaking, creative writing, storytelling, debate, podcasting, stand-up comedy, and poetry for the K8 generation.
