PlanetSpark, the Gurugram-based ed-tech platform specializing in personalized learning for the K8 generation, has recently closed a significant funding round, signalling a solid resurgence in investor interest. The extended Series B round, totalling Rs 141.8 crore or $17 million, was spearheaded by Prime Venture Partners through Seabright, underscoring a robust vote of confidence in the company’s vision and growth trajectory.
This round witnessed a diverse array of investors participating, showcasing the industry’s belief in PlanetSpark’s innovative approach to education. In addition to Prime Venture Partners, notable backers included InnoVen Capital, Alteria Capital, myPAT (powered by FIITJEE’s Edfora Infotech), GGT3 Ventures, Ashish Gupta, and IAN Investors. Co-founders Maneesh Dhooper and Kunal Malik also demonstrated their commitment to the company by contributing to the funding round.
A noteworthy aspect of this funding is the inclusion of equity and debt components, emphasizing the strategic financial structure adopted by PlanetSpark. Out of the total budget, Rs 30 crore was raised through debt financing, highlighting the company’s prudent approach to capital management.
The issuance of compulsory convertible preference shares (CCPS) and equity shares, alongside non-convertible debentures (NCDs), further delineates PlanetSpark’s intricate financial mechanisms for fueling its expansion plans. Regulatory filings with the Registrar of Companies provide insights into the meticulous planning and execution behind this fundraising initiative.
Prime Venture Partners emerged as the leading contributor in the equity round, injecting Rs 49.7 crore into PlanetSpark. InnoVen Capital and Alteria Capital followed suit with investments of Rs 43.6 crore and Rs 10.9 crore, respectively. Co-founders Maneesh Dhooper and Kunal Malik also demonstrated their unwavering support by infusing Rs 14.95 crore each into the company’s coffers. The collective participation of FIITJEE-backed myPAT, GGT3 Ventures, Ashish Gupta, and IAN Investors underscores the collaborative effort driving PlanetSpark’s growth trajectory.
PlanetSpark’s unique value proposition lies in its provision of live 1:1 classes encompassing various disciplines, including public speaking, creative writing, storytelling, debate, podcasting, stand-up comedy, and poetry. By catering to the specific needs and preferences of the K8 demographic, the platform has carved a niche for itself in the burgeoning ed-tech landscape.
With this fresh infusion of capital, PlanetSpark is poised to scale new heights of success, bolstered by a robust investor consortium and a compelling vision for the future of education. As the ed-tech sector continues to evolve and expand, PlanetSpark stands out as a beacon of innovation, reshaping learning paradigms for the digital age.
