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Exclusive: Blume Ventures leads new round in healthcare edtech startup Virohan


Healthcare edtech startup Virohan has raised nearly $7 million in a pre-Series B1 round led by Blume Ventures. This is the first funding round for the Gurugram-based company in 2022.

The board at Virohan has passed a special resolution to issue 8,303 pre-Series B1 compulsory convertible preference shares (CCPS) at an issue price of Rs 67,681 per share to raise Rs 56.2 crore or $6.83 million, as per regulatory filing with the Registrar of Companies (RoC).

Blume Ventures has spearheaded the funding round with Rs 20.5 crore followed by Bharat Inclusive Technologies Seed Holdings and Rebright Partners who poured in Rs 11.48 crore and Rs 8.14 crore respectively. Lesith Artha Ltd, LetsVenture, ALES Global Investment Partnership invested Rs 4.92 crore, Rs 4.15 crore, and Rs 4.1 crore. The remaining sum was infused by investors including Shantani Jain, Deepa Bagla Financial Consultants, The Midland Rubber & Produce, and others.

As per Fintrackr’s estimates, the company has been valued at around Rs 230 crore or $28 million (post-money). Previously, the company raised $3 million in a Series A  round in May 2021 followed by a $1.3 million bridge round in November.

Founded in 2018 by Archit Jayasal, Kunaal Dudeja, Nalin Saluja, and Parul Dudeja, Virohan offers healthcare vocational training to students to build a career in the healthcare industry. It operates hybrid classrooms at campuses and online training across India in cities including Delhi, Faridabad, Pune, Raipur, Meerut, and Nagpur.

The board of Virohan has also passed a special resolution to increase the existing ESOP pool by 1,411 options to 3,221 options. As per Fintrackr’s analysis, the fresh options added to Virohan’s stock options are worth around Rs 9.5 crore, whereas the total value of the company’s ESOP pool amounts to Rs 21.8 crore or $2.7 million.

Following the allotment, Blume Ventures holds 8.98% stake followed by Lesith Artha Ltd, Rebright Partners, and Bharat Inclusive Technologies Seed Holdings which own 7.27%, 5.12%, and 5.03% shares respectively. Promoters of the company – Nalin Saluja, Kunaal Dudeja, and OXYS Impact LLP (corporate body) collectively diluted their stake to 44.45% from nearly 60%.

Virohan registered a 53.7% growth in scale during FY22 to Rs 6.5 crore from Rs 4.23 crore in FY21. As per the annual financial statement with the RoC, losses of the company surged over 84% to Rs 12.95 crore in FY22 as compared to Rs 7.03 crore booked in the preceding fiscal year (FY21).

Early-stage venture capital firm Blume Ventures recently announced the close of its Fund IV at over $250 million. According to Blume,  it will invest in 30-35 companies across different technology verticals. Virohan seems to be the first startup to raise capital from the fourth fund.

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