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Exclusive: Blume Ventures leads pre-Series B funding in Virohan

EntrackrEntrackr · 1y ago
Exclusive: Blume Ventures leads pre-Series B funding in Virohan
Medial

Healthcare edtech startup Virohan has raked in Rs 14.9 crore or $1.8 million funding in an extended pre-Series B round led by Blume Ventures. The funding round comes after a gap of 14 months for the Gurugram-based company. The round also saw the participation of Mitsui Sumitomo Insurance Venture Capital, a venture capital fund managed by MS&AD Ventures, along with Suneight OK Partnership (Suneight), Bharat Inclusive Technologies, GoldenBird MultiProduct LLP, VVAG Partners, and individuals namely Pankaj Sharma, Sridhar Subramanian, Upasana Tilak Wadhwa, Viraj Nanda, Bhargav Suhas Jangle, and Vinita Bimbhet. The board at Virohan has passed a special resolution to issue 1,226 pre-Series B2 compulsory convertible preference shares (CCPS) at an issue price of Rs 1,21,496 per share to raise Rs 14.9 crore or $1.8 million, as per the regulatory filing with the Registrar of Companies. Blume Ventures infused Rs 6.15 crore while Mitsui Sumitomo Insurance Venture Capital and Suneight invested Rs 4.08 crore and Rs 2.48 crore, respectively. The remaining amount came from the other investors mentioned in the above paragraph. As per the startup intelligence platform TheKredible’s estimates, Virohan has been valued at around Rs 425 crore or $51 million (post-money). This marks a significant 1.8X jump in the company’s valuation as compared to its previous fundraise. Before this round, the firm raised $7 million in funding led by Blume Ventures. Entrackr had exclusively reported this in December 2022. To date, the startup has scooped around $15 million from Rebright Partners, AngelList, and Elea Foundation among others. Founded in 2018 by Archit Jayasal, Kunaal Dudeja, Nalin Saluja, and Parul Dudeja, Virohan offers healthcare vocational training to students to build a career in the healthcare industry. It operates hybrid classrooms at over 20 campuses and online training across India in cities including Delhi, Gurgaon, Faridabad, Roorkee, Raipur, Mumbai, Nagpur, et al. Followed by the fresh capital raised, co-founders Kunaal Dudeja and Nallin Saluja own 14.3% shares each while another co-founder Archit Jayasal-owned OXYS Impact LLP also has a 14.3% stake. Further, Blume Ventures increased its shares to 13.17% in the company. For complete details, visit here. Virohan’s operating scale surged 63.8% during FY23 to Rs 10.65 crore from Rs 6.5 crore in FY22. As per TheKredible, the company’s losses also rose 43.4% to Rs 18.58 crore in FY23 as compared to Rs 12.96 crore in FY22.

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Virohan to secure fresh funds in ongoing pre-Series B round

EntrackrEntrackr · 6m ago
Virohan to secure fresh funds in ongoing pre-Series B round
Medial

Healthcare edtech startup Virohan is all set to raise Rs 25.7 crore (around $3 million) in an ongoing pre-Series B round led by Blume Ventures. Existing investors Bharat Inclusive Technologies and Japan-based venture capital Rebright Partners also joined the round. Virohan kicked off its pre-Series B round in December 2022 where it scooped up $7 million led by Blume Ventures. The Virohan’s board passed a special resolution to approve the issue of 1,783 pre-Series B3 CCPS at an issue price of Rs 1,44,072 each to raise the aforementioned amount, as per its regulatory filing with the RoC. The company plans to utilize the investment to support general operations, working capital needs, capital expenditures, and the expansion of its business operations, according to the filing. Blume Ventures will infuse Rs 15 crore in the firm while Bharat Inclusive Technologies and Rebright Partners to invest Rs 5.7 crore and Rs 5 crore, respectively to increase their stakes. As per Entrackr’s estimates, the Gurugram-based company will be valued at Rs 530 crore or $62 million post-allotment which is a 25% increase in its valuation as compared to its previous round. Virohan has raised over $15 million in funding to date. Following the latest allotment, Blume Ventures will emerge as the largest shareholder with a 15.36% stake. Participating investors Bharat Inclusive Technologies and Rebright Partners will hold 5.84% and 5.65% stakes, respectively. Meanwhile, the company co-founders Nalin Saluja, Kunaal Dudeja and Archit Jayasal will each retain a 13.6% stake. Founded in 2018, Virohan provides vocational training to students aiming to build careers in the healthcare sector. The company delivers its programs through hybrid classrooms on campuses and online platforms across India in cities including Delhi, Gurugram, Faridabad, Pune, Jaipur, Mumbai, Nagpur among others. Virohan nearly doubled its operating scale in FY24, reporting an operating revenue of Rs 21 crore from Rs 10.65 crore in FY23. The company’s losses also grew 18% year-on-year to Rs 22 crore during the same period. Virohan has recently partnered with Lenskart to launch SureStart, a program that combines theoretical and practical training to prepare students for job-ready roles in the ophthalmic field.

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge

EntrackrEntrackr · 6m ago
Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge
Medial

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge Feminine hygiene brand Plush to raise its Series B funding round, led by angel investor Ajay Kumar Aggarwal, with participation from Careernet Technologies, OTP Ventures, Blume Ventures, and 11 other investors. The board at Plush has passed a special resolution to issue 4,099 Series B preference shares to raise Rs 30.56 crore or $3.6 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. Ajay Kumar Aggarwal will lead the round with an investment of Rs 6 crore, while existing investors Careernet Technologies, OTP Ventures, and Blume Ventures will contribute Rs 5 crore, Rs 3 crore, and Rs 4 crore respectively. The remaining amount will be collectively invested by Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven other investors. According to Entrackr’s estimates, the company’s valuation is expected to reach around Rs 281 crore (approximately $33 million) post-allotment. This marks nearly a 3X spike in its valuation, compared to its previous pre-Series B round. Following the fresh proceeds, Angel Investor Ajay Kumar Aggarwal will hold 19.64% stake in the company followed by Careerner Technologies and Blume Ventures which holds 16.37% and 13.08% respectively. Founded in 2019, the Chennai-based startup focuses on feminine care products, offering a range that includes period care, hair removal, intimate wellness, and skincare solutions. According to the company, its products are currently available in 500 stores across Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad, with plans to expand retail presence to 2,000 stores over the next six months. Plush reported an 84% year-on-year revenue growth to Rs 28.87 crore in the fiscal year ending March 2024. During the same period, the company posted a loss of Rs 4.4 crore. The startup is projected to close FY25 with Rs 60 crore revenue.

Exclusive: Dhruva Space to kick off pre-Series B with $6 Mn

EntrackrEntrackr · 11d ago
Exclusive: Dhruva Space to kick off pre-Series B with $6 Mn
Medial

Exclusive: Dhruva Space to kick off pre-Series B with $6 Mn Space-tech startup Dhruva Space is raising Rs 51.76 crore ($6 million) in a pre-Series B round led by AVCF1 (Aditum Venture Capital Fund), with participation from 33 other investors. According to the company’s regulatory filings, the board has cleared a special resolution to issue 1 equity share and 553 pre-Series B preference shares at Rs 9,34,429 per share, aggregating to the total fundraise. AVCF1 will anchor the round with Rs 26.16 crore, while Aranya Holding Ventures LLP will contribute Rs 10 crore. The rest of the capital will come from Hyderabad Angel Fund, AR Enterprises, Ativira Technologies, and a clutch of other angel investors. As per Entrackr’s estimates, Dhruva Space’s post-money valuation stands at around $215 million after the round. With this, the Hyderabad-based company has raised over $22 million to date, including its $15 million Series A backed by Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BITEXCO Group, IvyCap Ventures, Mumbai Angels, and the Blume Founders Fund. Founded by Sanjay Nekkanti and Chaitanya Dora, Dhruva Space has launched eight payloads over the past 24 months, including the Thybolt satellites in November 2022 and the LEAP-TD mission on January 1, 2024. The company operates across the space, launch, and ground segments, offering satellites, earth stations, and launch services. India’s private space-tech ecosystem has been on a steady funding upswing, with startups such as Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Vesta Space, Digantara and InspeCity drawing investor interest. Dhruva Space’s latest round adds to this momentum as the sector continues to expand its capabilities and global relevance.

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