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Edtech platform PlanetSpark raised Rs 141.8 Cr from Seabright, others

Through Seabright, Prime Venture Partners led an extended Series B round that raised Rs 141.8 crore, or $17 million, for the edtech platform PlanetSpark. Ashish Gupta, myPat, GGT3 Ventures, Alteria Capital, InnoVen Capital, and IAN Investors were also involved in the round. The company was also funded by Maneesh Dhooper and Kunal Malik, its co-founders.

After a 26-month hiatus, the Gurugram-based edtech company has received new funding. A further Rs 30 crore in debt is included in the funding; the remaining amount is provided by equity.

For a consideration of Rs 91.8 crore, or $11 million, the board of PlanetSpark has approved a special resolution to issue 887 compulsory convertible preference shares (CCPS) at an issue price of Rs 3,10,000 per share, as well as 2,271 CCPS & 1,974 equity shares at an issue price of Rs 1,51,462.32 apiece.

According to the company’s regulatory filings with the Registrar of Companies, the company also issued 5,000 non-convertible debentures (NCDs) to raise $6 million, or Rs 50 crore, in debt from InnoVen Capital and Alteria Capital.

Leading the equity round with an investment of Rs 49.7 crore was Prime Venture Partners, followed by InnoVen Capital and Alteria Capital with investments of Rs 43.6 crore and Rs 10.9 crore, respectively. With an investment of Rs 14.95 crore apiece, co-founders Maneesh Dhooper and Kunal Malik also joined. Ashish Gupta, GGT3 Ventures, IAN Investors, and FIITJEE-powered myPAT (Edfora Infotech) contributed the remaining amount.

Estimates from the media state that the company has raised over $34 million in debt and equity capital through multiple rounds to date. Before this, in December 2021, it raised $13.5 million during the Series B round.

PlanetSpark’s revenue from operations increased 41.3% to Rs 42.4 crore during FY23 as compared to Rs 30 crore in FY22. The company’s financial picture for the current fiscal year will be known when it releases FY24 results.
For the K8 generation, PlanetSpark provides live, one-on-one instruction in stand-up comedy, drama, debate, creative writing, public speaking, and poetry.

 

 

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