PlanetSpark raises $17M led by Prime Venture Partners in round

• ByStartupStory     |    March 11, 2024

Edtech platform PlanetSpark has secured Rs 141.8 crore or $17 million in a fresh round of funding, led by Prime Venture Partners via Seabright. 

According to regulatory filings, “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.” 

This round also saw participation from InnoVen Capital, Alteria Capital, myPat, GGT3 Ventures, Ashish Gupta, and IAN Investors. Co-founders Maneesh Dhooper and Kunal Malik also contributed to the investment. 

Additionally, the company raised Rs 30 crore in debt, bringing the total funding to Rs 141.8 crore, with Rs 91.8 crore in equity and Rs 50 crore in debt. Prime Venture Partners led the equity portion with Rs 49.7 crore, followed by InnoVen Capital and Alteria Capital with Rs 43.6 crore and Rs 10.9 crore, respectively. Co-founders Dhooper and Malik also invested Rs 14.95 crore each. Other contributors included FIITJEE powered myPAT, GGT3 Ventures, Ashish Gupta, and IAN Investors. 

PlanetSpark has accumulated over $34 million in debt and equity capital to date, with previous funding rounds totaling $13.5 million in December 2021. 

Despite the ongoing fiscal year’s financials awaiting disclosure, PlanetSpark saw a 41.3% increase in revenue from operations in FY23, reaching Rs 42.4 crore, while managing to reduce losses by 18% to Rs 89.5 crore.

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