VC Fund Investments
Edtech platform PlanetSpark raises $17-M led by Prime Venture Partners
Gurugram-based edtech platform PlanetSpark has raised INR 141.8 crore (USD 17 million) in an extended Series B round led by Prime Venture Partners (via its unit, Seabright). The round saw the participation of InnoVen Capital, Alteria Capital, GGT3 Ventures, Ashish Gupta, edtech service myPat and IAN members. The company's co-founders Maneesh Dhooper and Kunal Malik also invested in the round.PlanetSpark will issue 887 compulsory convertible preference shares (CCPS) at INR 3,10,000 per share and 2,271 CCPS and 1,974 equity shares at INR 1,51,462.32 a piece for a consideration of INR 91.8 crore (USD 11 million). The company also issued 5,000 non-convertible debentures (NCDs) to raise INR 50 crore (USD 6 million) in debt from InnoVen Capital and Alteria Capital.Prime Venture Partners led the equity round with INR 49.7 crore followed by InnoVen Capital and Alteria Capital which invested INR 43.6 crore and INR 10.9 crore, respectively. Co-founders Maneesh Dhooper and Kunal Malik invested INR 14.95 crore each.PlanetSpark offers live classes in public speaking, creative writing, storytelling, debate, podcasting, stand-up comedy, and poetry .
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