Exclusive: Virohan to secure fresh funds in ongoing pre-Series B round

Healthcare edtech startup Virohan is all set to raise Rs 25.7 crore (around $3 million) in an ongoing pre-Series B round led by  Blume Ventures. Existing investors Bharat Inclusive Technologies and Japan-based venture capital Rebright Partners also joined the round.

Virohan kicked off its pre-Series B round in December 2022 where it scooped up $7 million led by Blume Ventures. Entrackr had exclusively reported the development then.

The Virohan’s board passed a special resolution to approve the issue of 1,783 pre-Series B3 CCPS at an issue price of Rs 1,44,072 each to raise the aforementioned amount, as per its regulatory filing with the RoC.

The company plans to utilize the investment to support general operations, working capital needs, capital expenditures, and the expansion of its business operations, according to the filing.

Blume Ventures will infuse Rs 15 crore in the firm while Bharat Inclusive Technologies and Rebright Partners to invest Rs 5.7 crore and Rs 5 crore, respectively to increase their stakes.

As per Entrackr’s estimates, the Gurugram-based company will be valued at Rs 530 crore or $62 million post-allotment which is a 25% increase in its valuation as compared to its previous round.

Virohan has raised over $15 million in funding to date. According to TheKredible, following the latest allotment, Blume Ventures will emerge as the largest shareholder with a 15.36% stake. Participating investors Bharat Inclusive Technologies and Rebright Partners will hold 5.84% and 5.65% stakes, respectively. Meanwhile, the company co-founders Nalin Saluja, Kunaal Dudeja and Archit Jayasal will each retain a 13.6% stake.

Founded in 2018, Virohan provides vocational training to students aiming to build careers in the healthcare sector. The company delivers its programs through hybrid classrooms on campuses and online platforms across India in cities including Delhi, Gurugram, Faridabad, Pune, Jaipur, Mumbai, Nagpur among others.

Virohan nearly doubled its operating scale in FY24, reporting an operating revenue of Rs 21 crore from Rs 10.65 crore in FY23. The company’s losses also grew 18% year-on-year to Rs 22 crore during the same period.

Virohan has recently partnered with Lenskart to launch SureStart, a program that combines theoretical and practical training to prepare students for job-ready roles in the ophthalmic field.