Edtech platform PlanetSpark has successfully raised Rs 141.8 crore or $17 million in an extended Series B funding round, with Prime Venture Partners leading the investment through Seabright. The funding round also witnessed the participation of InnoVen Capital, Alteria Capital, myPat, GGT3 Ventures, Ashish Gupta, and IAN Investors. Co-founders Maneesh Dhooper and Kunal Malik also contributed to the investment.
This new funding for the Gurugram-based edtech company comes after a hiatus of 26 months and comprises Rs 30 crore in debt, with the remaining portion in equity. PlanetSpark’s board passed a special resolution to issue 887 compulsory convertible preference shares (CCPS) and 2,271 CCPS & 1,974 equity shares, raising a total of Rs 91.8 crore or $11 million.
In addition, the company issued 5,000 non-convertible debentures (NCDs), securing Rs 50 crore or $6 million in debt from InnoVen Capital and Alteria Capital, according to regulatory filings with the Registrar of Companies. This information is based on four separate regulatory filings submitted between October and November 2022 and May and November 2023.
Prime Venture Partners led the equity round with Rs 49.7 crore, followed by InnoVen Capital and Alteria Capital, contributing Rs 43.6 crore and Rs 10.9 crore, respectively. Co-founders Maneesh Dhooper and Kunal Malik each invested Rs 14.95 crore. FIITJEE-powered myPAT (Edfora Infotech), GGT3 Ventures, Ashish Gupta, and IAN Investors also participated in the funding round.
According to startup intelligence platform TheKredible, PlanetSpark has raised over $34 million to date in both debt and equity capital across multiple rounds. In the previous Series B round in December 2021, the company raised $13.5 million.
While the financial performance for the ongoing fiscal year will be disclosed with the release of FY24 results, PlanetSpark reported a 41.3% growth in revenue from operations to Rs 42.4 crore during FY23 compared to Rs 30 crore in FY22. The firm also managed to reduce its losses by 18% to Rs 89.5 crore in FY23, down from Rs 109.4 crore in FY22.
PlanetSpark specializes in offering live 1:1 classes in various creative disciplines such as public speaking, creative writing, storytelling, debate, podcasting, stand-up comedy, and poetry, primarily catering to the K8 age group.
