The Michael & Susan Dell Foundation is leading the $4 million (about INR 33 crore) Pre-Series B fundraising round for Airblack, a digital makeup and grooming education platform.
Along with additional backers like Blume Ventures, Thadani, and Pawar Family Trust, the financing also included previous funders Elevation Capital and InfoEdge Ventures.
The new funding will be used by the Gurugram-based startup for its capital needs, fundamental corporate objectives, and business expansion.
The Registrar of Companies (RoC) has received a regulatory filing stating that the Airblack Board has resolved to fund INR 32 Cr ($3.8 Mn) by issuing 10, equity, and 4,467 Pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of INR 71,162 one-piece, as reported by Inc42.
With INR 16.32 Cr, the Michael & Susan Dell Foundation led the investment round. Elevation Capital and InfoEdge (via Beacon Trusteeship) each contributed INR 6.33 Cr. Thadani, the Pawar Family Trust, and Blume Ventures (via Catalyst Trusteeship) provided the remaining funding.
They predict that internet-first artists and entrepreneurs will dominate the next ten years. With the support of top-notch courses, Airblack hopes to enable millions of these innovators and assist them in turning their passion into a stable career. Entrackr was the first to report on this development.
Airblack, which was founded in 2019 by Videt Jaiswal, Vaibhav Raj Gupta, and Pulkit Pujara, offers cosmetics and beauty live courses. It began as a travel agency, but once the pandemic affected the travel and tourist sector, it changed its emphasis to the beauty sector.