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Exclusive: Artium Academy to raise fresh funds at over 4X valuation premium

EntrackrEntrackr · 16d ago
Exclusive: Artium Academy to raise fresh funds at over 4X valuation premium
Medial

Exclusive: Artium Academy to raise fresh funds at over 4X valuation premium Online music learning platform Artium Academy is all set to raise Rs 19.2 crore (approximately $2.13 million) in its Series A round led by Jejurikar Longevity Trust, with participation from Savitha Ramesh and existing investor Chiratae Ventures. Artium Academy’s board has passed a resolution to approve the issuance of 60,450 Series A compulsorily convertible preference shares (CCPS) at an issue price of Rs 3,176 each to raise the aforementioned sum, according to its filing with the Registrar of Companies (RoC). Jejurikar Longevity Trust will lead the tranche with Rs 9 crore, followed by Savitha Ramesh with Rs 7 crore. Chiratae Ventures will invest Rs 3.20 crore. As per Entrackr’s estimates, the company’s valuation is set to jump over 4X to around Rs 375 crore (approximately $41.2 million), from Rs 90 crore when it raised $3 million led by Chiratae Ventures in October 2022. The proceeds from the issue will be utilised towards business expansion, growth initiatives and general corporate purposes, according to the filing. Co-founded in 2020 by Ashish Joshi, Vivek Raicha and Nithya Sudhir, Artium Academy is an online music learning platform that offers 1:1 live classes across vocal and instrumental categories, leveraging technology to enhance structured music education. Following the allotment of the latest tranche (excluding the ESOP pool), Jejurikar Longevity Trust will hold 2.65% in the company, Savitha Ramesh 6.75%, and Chiratae Ventures 18.28%. The company’s co-founders Ashish Joshi, Vivek Raicha, and Nithya Sudhir will collectively retain a 39.48% stake. In FY25, the company’s operating revenue rose to Rs 27.77 crore from Rs 18.96 crore in FY24. Meanwhile, its net loss increased 13.8% to Rs 21.55 crore in the fiscal year from Rs 18.94 crore in the previous year.

Gameskraft CFO siphoned Rs 250 Cr for F&O trading

EntrackrEntrackr · 6m ago
Gameskraft CFO siphoned Rs 250 Cr for F&O trading
Medial

Bengaluru-based online gaming firm Gameskraft Technologies is grappling with a major financial scandal after its former CFO, Ramesh Prabhu, allegedly diverted Rs 250 crore of company funds to personally trade in the futures and options (F&O) segment. The unauthorized transactions, which reportedly took place between FY20 and FY25, have not only led to significant losses but also exposed weaknesses in internal governance at Gameskraft. The controversy came to light after Prabhu reportedly sent a voluntary confession email to the company in March 2025, admitting to misusing company funds for personal trading. According to the media reports, Rs 231.39 crore was transferred to Prabhu’s personal account at RBL Bank, under his sole control, and used for F&O trading. To cover his tracks, he allegedly falsified company records and created fake mutual fund statements, presenting the diverted money as legitimate investments. Prabhu, a Chartered Accountant by training, had joined Gameskraft in 2018 and rose to the position of CFO. While the exact motive remains unclear, reports suggest that he may have intended to generate profits and return the capital, but the trades reportedly resulted in substantial losses, compelling his confession. In response, Gameskraft has filed an FIR against Prabhu at Marathahalli police station under multiple sections of the Indian Penal Code, including theft, criminal breach of trust, forgery, and falsification of accounts. The company has written off Rs 270.43 crore in the FY25 financial statements due to these irregularities. Gameskraft has reported a 12% year-on-year increase in its revenue to Rs 3,896 crore in FY25 from Rs 3,475 crore in FY24. At the same time, its profits shrank 25% to Rs 706 crore. In the financial report for FY25, the company has also mentioned Rs 270 crore as exceptional items. The incident comes at a challenging time for Gameskraft, which has already been hit by regulatory changes following the government’s Promotion and Regulation of Online Gaming Act, 2025, which banned real-money online gaming. Platforms under the company, including RummyCulture, Gamezy, Pocket52, and Ludo Select, were forced to suspend operations, compounding the financial impact.

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