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

EntrackrEntrackr · 3m 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.

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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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