PlanetSpark, supported by FIITJEE, secures new investments in its ongoing funding round

PlanetSpark, an edtech platform headquartered in Gurugram, has recently secured a significant infusion of capital amounting to Rs 141.8 crore or $17 million in an extended Series B funding round. Prime Venture Partners, through Seabright, led the investment round, with notable participation from InnoVen Capital, Alteria Capital, myPat, GGT3 Ventures, Ashish Gupta, and IAN Investors. Co-founders Maneesh Dhooper and Kunal Malik also demonstrated their continued confidence in the company by investing in this round. This fresh funding marks a pivotal moment for PlanetSpark, arriving after a hiatus of 26 months. The funding comprises Rs 30 crore in debt financing, with the remaining amount raised in equity. In a significant move, PlanetSpark’s board passed a special resolution authorizing the issuance of 887 compulsory convertible preference shares (CCPS) at an issue price of Rs 3,10,000 per share, along with 2,271 CCPS and 1,974 equity shares at an issue price of Rs 1,51,462.32 each, amounting to a total consideration of Rs 91.8 crore or $11 million.

Furthermore, the company issued 5,000 non-convertible debentures (NCDs), raising Rs 50 crore or $6 million in debt financing from InnoVen Capital and Alteria Capital, per regulatory filings with the Registrar of Companies. These transactions were executed through separate regulatory filings submitted in October and November 2022, as well as in May and November 2023. Prime Venture Partners led the equity round with a substantial investment of Rs 49.7 crore, followed by InnoVen Capital and Alteria Capital, contributing Rs 43.6 crore and Rs 10.9 crore, respectively. Co-founders Maneesh Dhooper and Kunal Malik also made significant contributions, each investing Rs 14.95 crore. Additional funding was secured from FIITJEE-powered myPAT (Edfora Infotech), GGT3 Ventures, Ashish Gupta, and IAN Investors.

According to insights from TheKredible, a startup intelligence platform, PlanetSpark has successfully raised over $34 million in debt and equity capital across various funding rounds. Notably, the company raised $13.5 million in its Series B round in December 2021.

While the financial performance for the ongoing fiscal year is yet to be disclosed, PlanetSpark exhibited robust growth in FY23, with revenue from operations surging by 41.3% to Rs 42.4 crore compared to Rs 30 crore in FY22.

Additionally, the company managed to curtail its losses by 18% to Rs 89.5 crore in FY23, down from Rs 109.4 crore in FY22. PlanetSpark offers live 1:1 classes tailored for the K8 generation, covering diverse subjects such as public speaking, creative writing, storytelling, debate, podcasting, stand-up comedy, and poetry. The platform’s innovative approach to education and personalized learning experiences has garnered significant traction, positioning PlanetSpark as a leading player in the edtech sector.