College admission and higher education services platform CollegeDekho has raised $9 million or Rs 73.3 crore in an ongoing round from Winter Capital Partners (Janeville Limited). This is the first round of investment for the Gurugram-based company this year.
The board at CollegeDekho has passed a special resolution to allot 8,842 Series B1 preference shares to Janeville Limited at an issue price of Rs 82937.98 each to raise Rs 73.3 crore or $9 million, according to its regulatory filing with the Registrar of Companies RoC).
The company closed a $35 million Series B round led by Winter Capital, ETS Strategic Capital, Calega, and Man Capital in December last year. The Ruchir Arora-led company has raised a total of $55 million to date.
As per Fintrackr’s estimates, the company has been valued at around Rs 1,120 crore or $138 million (post allotment).
Founded in 2015, CollegeDekho connects students with colleges using its proprietary technology and conversation bot. It offers services like profile building, test preparation, application assistance, university selection, and visa assistance among others.
Soon after the last fundraise, the company also acquired three startups: PrepBytes, Getmyuni, and IELTSMaterial. Entrackr had exclusively reported about GetMyUni’s acquisition in February this year.
While the company is yet to file its annual financial results for FY22, CollegeDekho’s operating income surged 27.6% to Rs 48 crore in FY21. Its losses soared 22.3% to Rs 21.12 crore in the fiscal year ending March 2021. The company competes with Leverage Edu which raised $22 million (Rs 167 crore) in its Series B round at a valuation of $120 million.
According to the company, its revenues reached nearly Rs 100 crore in FY22 and it is on track to double it in the coming financial year while also turning EBITDA positive.
Update: The story has been updated after the official announcement of the funding round by CollegeDekho.