Exclusive: Artium Academy to raise fresh funds at over 4X valuation premium

Online music learning platform Artium Academy is all set to raise Rs 19.2 crore (approximately $2.13 million) in its Series A round led by Jejurikar Longevity Trust, with participation from Savitha Ramesh and  existing investor Chiratae Ventures.

Artium Academy’s board has passed a resolution to approve the issuance of 60,450 Series A compulsorily convertible preference shares (CCPS) at an issue price of Rs 3,176 each to raise the aforementioned sum, according to its filing with the Registrar of Companies (RoC).

Jejurikar Longevity Trust will lead the tranche with Rs 9 crore, followed by Savitha Ramesh with Rs 7 crore. Chiratae Ventures will invest Rs 3.20 crore

As per Entrackr’s estimates, the company’s valuation is set to jump over 4X to around Rs 375 crore (approximately $41.2 million), from Rs 90 crore when it raised $3 million led by Chiratae Ventures in October 2022.

The proceeds from the issue will be utilised towards business expansion, growth initiatives and general corporate purposes, according to the filing.

Co-founded in 2020 by Ashish Joshi, Vivek Raicha and Nithya Sudhir, Artium Academy is an online music learning platform that offers 1:1 live classes across vocal and instrumental categories, leveraging technology to enhance structured music education.

Following the allotment of the latest tranche (excluding the ESOP pool), Jejurikar Longevity Trust will hold 2.65% in the company, Savitha Ramesh 6.75%, and Chiratae Ventures 18.28%. The company’s co-founders Ashish Joshi, Vivek Raicha, and Nithya Sudhir will collectively retain a 39.48% stake. 

In FY25, the company’s operating revenue rose to Rs 27.77 crore from Rs 18.96 crore in FY24. Meanwhile, its net loss increased 13.8% to Rs 21.55 crore in the fiscal year from Rs 18.94 crore in the previous year.