Income sharing based online coding trainer platform Newton School has scooped up Rs 188.4 crore or $25 million in its Series B round led by Steadview Capital. The new round has come within 15 months for the company which picked up $5 million in Series A led by RTP Global.
Bengaluru-based Newton School has passed a special resolution to approve the allotment of 10 equity shares and 5,473 Series B preference shares to raise Rs 188.4 crore or $25 million, regulatory filings show.
Steadview has put $15 million in this round whereas Nexus and RTP Global put in $5.9 million and $3.4 million respectively. AngelList and Sama Family Trust invested the remaining amount.
As per Fintrackr’s estimates, Newton School has raised the fresh funds at an estimated valuation of Rs 1,034 crore or $138 million. This is an almost seven-fold jump in the company’s valuation from $20 million in the previous round.
Following the allotment of this round, Newton School’s co-founders Nishant Chandra and Siddhartha Maheshwari have diluted their collective stake from 44.68% to 35.89%.
Among the investors, Nexus has the largest stake in the company with 24.72% holding followed by RTP Global and Steadview with 14.42% and 11.11% stake respectively. The complete shareholding pattern of the company can be seen below:
Newton School is one of the several players in India inspired by the US-based Lambada School. Scaler by InterviewBit is the leader in the space along with Masai School and Pesto among several others.
Newton School had witnessed a stupendous jump in its operating revenue in FY21. The company posted Rs 4.18 crore in revenue in FY21 as compared to a marginal turnover of Rs 5 lakh in FY20.
Meanwhile, its losses increased over 150% to Rs 4.57 crore during the last fiscal year from Rs 1.82 crore in FY20.