PlanetSpark is an intermediary technology platform which provides online classes to K8 learners on English Communication, Public Speaking, Grammar, Creative Writing, Debating, Vlogging and other ‘new age’ skills.
With the help of Prime Venture Partners and Seabright, the edtech platform PlanetSpark has raised a new round of funding totaling Rs 141.8 crore, or $17 million.
The board of PlanetSpark has approved a special resolution to issue 887 compulsory convertible preference shares (CCPS) at a price of Rs 3,10,000 per share, as well as 2,271 CCPS and 1,974 equity shares at a price of Rs 1,51,462.32 each, for a total consideration of Rs 91.8 crore, or $11 million, according to regulatory filings.
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InnoVen Capital, Alteria Capital, myPat, GGT3 Ventures, Ashish Gupta, and IAN Investors were also involved in this round. Maneesh Dhooper and Kunal Malik, the co-founders, also made contributions to the investment.
The business also raised loans of Rs 30 crore, making the total funding of Rs 141.8 crore comprised of Rs 50 crore in debt and Rs 91.8 crore in equity. With Rs 49.7 crore, Prime Venture Partners lead the equity part. InnoVen Capital and Alteria Capital came in second and third, with Rs 43.6 crore and Rs 10.9 crore, respectively. Additionally, co-founders Dhooper and Malik each contributed Rs 14.95 crore. IAN Investors, GGT3 Ventures, Ashish Gupta, and FIITJEE powered myPAT were among the other contributors.
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As of December 2021, PlanetSpark has raised over $34 million in debt and equity money through prior investment rounds totaling $13.5 million.
While the financials for the current fiscal year are still under disclosure, PlanetSpark managed to lower losses by 18% to Rs 89.5 crore in FY23, despite a 41.3% increase in operating income to Rs 42.4 crore.
About PlanetSpark
Planet Spark Craft a unique global platform for mastering communication and soft skills, integrating Live and asynchronous learning strategies that cater to individual needs and schedules.
