PlanetSpark has successfully raised $13.5 million over multiple funding rounds, with Prime Venture Partners leading the Series B round. The platform offers live 1:1 online classes focused on public speaking, creative writing, and other communication skills for both children and adults.
Keep reading to explore the intricacies of PlanetSpark's fundraising journey and the investors backing this innovative edtech platform.
What Is PlanetSpark?
PlanetSpark, founded by Maneesh Dhooper and Kunal Malik, is based in Gurgaon, India. The company focuses on building the next generation of confident speakers and creative writers through live 1:1 personalized classes.
Operating globally in over 13 countries, PlanetSpark offers courses in public speaking, creative writing, and other life skills for both kids and adults. The platform's activities include debates, YouTube video creation, podcasting, stand-up comedy, and story writing.
With a team of over 1000 members and 1400 expert teachers, PlanetSpark has rapidly grown, boasting an employee count of 1001-5000. The company is currently in the scale stage, experiencing significant month-on-month growth.
How Much Funding Has PlanetSpark Raised?
- Pre-Seed Round
- Amount Raised: $250,000
- Date: April 2018
- Lead Investors: Fiitjee
- Motivation Behind the Round: Initial product development and market research.
- Seed Round
- Amount Raised: $480,000
- Date: December 2019
- Lead Investors: Indian Angel Network, Lead Angels, Hyderabad Angels, Fiitjee
- Motivation Behind the Round: Product development, market entry, and early-stage scaling.
- Pre-Series A Round
- Amount Raised: Rs 3.2 crore
- Date: February 2020
- Lead Investors: Indian Angel Network, Lead Angels, Hyderabad Angels
- Motivation Behind the Round: Expansion into new geographies and significant increase in enrollment.
- Series A Round
- Date: January 2021
- Motivation Behind the Round: Scaling operations, expanding the team, and further market penetration.
Total Amount Raised: $1,230,000 + Rs 3.2 crore
Current Valuation: Not disclosed
Key Investors
- Indian Angel Network (IAN)
- Details: Indian Angel Network is a network of angel investors who invest in early-stage businesses. It is one of the largest angel networks in the world.
- Investment Focus Areas: Technology, healthcare, education
- Notable Investments: Druva, Box8, WebEngage
- Lead Angels
- Details: Lead Angels is a network of investors focused on early-stage investments. They provide funding and mentorship to startups.
- Investment Focus Areas: Technology, consumer products, healthcare
- Notable Investments: Supr Daily, PlanetSpark, ShopKirana
- Hyderabad Angels
- Details: Hyderabad Angels is a group of investors based in Hyderabad, investing in early-stage companies. They aim to support innovative startups.
- Investment Focus Areas: Technology, healthcare, fintech
- Notable Investments: Darwinbox, NowFloats, Hug Innovations
- FIITJEE
- Details: FIITJEE is one of India’s largest education companies, known for its coaching programs for engineering entrance exams. They are also an existing seed investor in PlanetSpark.
- Investment Focus Areas: Education, edtech, test preparation
- Notable Investments: PlanetSpark, Edfora, MyPAT
What's Next for PlanetSpark?
PlanetSpark is poised for significant growth, with plans to expand into new geographies and increase enrollment by tenfold over the next year. Leveraging an asset-light model, the company aims to set up neighborhood blended learning centers through partnerships with pre-schools, schools, and strategic partners like Oyo Townhouse.
To support these ambitious plans, PlanetSpark may seek additional funding rounds. The growing demand for blended learning models and new-age skills like coding and public speaking presents a substantial opportunity. However, challenges such as maintaining high engagement and quality across new regions and competing with other edtech companies remain.
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