Exclusive: FIITJEE-backed PlanetSpark raises fresh funds in ongoing round

Edtech platform PlanetSpark has raised Rs 141.8 crore or $17 million in an extended Series B round led by Prime Venture Partners via Seabright. The round also saw the participation of InnoVen Capital, Alteria Capital, myPat, GGT3 Ventures, Ashish Gupta, and IAN Investors. Its co-founders Maneesh Dhooper and Kunal Malik also invested in the firm.

The fresh funding for the Gurugram-based edtech company has come after a gap of 26 months. The funding also includes Rs 30 crore debt while the rest is in the form of equity.

The board at PlanetSpark has passed a special resolution to issue 887 compulsory convertible preference shares (CCPS) at an issue price of Rs 3,10,000 per share and 2,271 CCPS & 1,974 equity shares at an issue price of Rs 1,51,462.32 a piece for a consideration of Rs 91.8 crore or $11 million.

The company also issued 5,000 non-convertible debentures (NCDs) to raise Rs 50 crore or $6 million in debt from InnoVen Capital and Alteria Capital, per the company’s regulatory filings with the Registrar of Companies.

Note: The information is based on the four separate regulatory filings filed in October and November of 2022 and May and November of 2023.

Prime Venture Partners led the equity round with Rs 49.7 crore followed by InnoVen Capital and Alteria Capital which invested Rs 43.6 crore and Rs 10.9 crore, respectively. Co-founders Maneesh Dhooper and Kunal Malik also joined with Rs 14.95 crore each. FIITJEE powered myPAT (Edfora Infotech), GGT3 Ventures, Ashish Gupta, and IAN Investors poured in the remaining sum.

As per the startup intelligence platform TheKredible. the company has mopped up over $34 million to date in debt and equity capital across several rounds. Previously, it raised $13.5 million in the Series B round in December 2021.

While the company’s financial picture in the ongoing fiscal year would be known when it discloses FY24 results, PlanetSpark’s revenue from operations grew 41.3% to Rs 42.4 crore during FY23 as compared to Rs 30 crore in FY22. As per TheKredible, the firm managed to control its losses by 18% to Rs 89.5 crore in FY23 against Rs 109.4 crore in FY22.

PlanetSpark offers live 1:1 classes in public speaking, creative writing, storytelling, debate, podcasting, stand-up comedy, and poetry for the K8 generation.