Blume Ventures led Rs 14.9 Cr raised by healthcare edtech Virohan in extended Pre-Series B round
In an extended pre-Series B round headed by Blume Ventures, healthcare edtech startup Virohan raised Rs 14.9 crore, or $1.8 million. The Gurugram-based company had a 14-month break before this funding round.
Along with Suneight OK Partnership (Suneight), Bharat Inclusive Technologies, GoldenBird MultiProduct LLP, VVAG Partners, and individuals Pankaj Sharma, Sridhar Subramanian, Upasana Tilak Wadhwa, Viraj Nanda, Bhargav Suhas Jangle, and Vinita Bimbhet, other participants in the round included Mitsui Sumitomo Insurance Venture Capital, a venture capital fund managed by MS&AD Ventures.
According to a regulatory filing with the Registrar of Companies, the board of Virohan has passed a special resolution to issue 1,226 pre-Series B2 compulsory convertible preference shares (CCPS) at an issue price of Rs 1,21,496 per share in order to raise Rs 14.9 crore, or $1.8 million.
Mitsui Sumitomo Insurance Venture Capital and Suneight invested Rs 4.08 crore and Rs 2.48 crore, respectively, while Blume Ventures contributed Rs 6.15 crore. The other investors indicated in the preceding paragraph provided the remaining sum.
Virohan’s estimated net worth, according to media estimates, is approximately Rs 425 crore, or $51 million (post-money). Compared to its last fundraising, the company’s valuation has increased by a notable 1.8X.
Prior to this round, Blume Ventures led a $7 million funding round for the company.
The startup has received approximately $15 million to date from several sources, including Elea Foundation, AngelList, and Rebright Partners.
Virohan, a healthcare vocational training organization, was founded in 2018 by Archit Jayasal, Kunaal Dudeja, Nalin Saluja, and Parul Dudeja. The organization helps students pursue careers in the healthcare sector. It offers online training and hybrid classrooms at more than 20 campuses in India, including Delhi, Gurgaon, Faridabad, Roorkee, Raipur, Mumbai, Nagpur, and other cities.
Co-founders Kunaal Dudeja and Nallin Saluja each own 14.3% of the company, with Archit Jayasal owning OXYS Impact LLP, which is owned by another co-founder, coming in second and third, respectively, after the new capital raised. Blume Ventures also increased its ownership stake in the business to 13.17%.
Operating scale for Virohan increased by 63.8% in FY23 to Rs 10.65 crore from Rs 6.5 crore in FY22. The company’s losses increased by 43.4% to Rs 18.58 crore in FY23 from Rs 12.96 crore in FY22, as per media reports.
