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Veranda Learning completes first‑ever QIP worth Rs 357 Cr

EntrackrEntrackr · 2m ago
Veranda Learning completes first‑ever QIP worth Rs 357 Cr
Medial

Veranda Learning, an education company offering end-to-end learning solutions across the education value chain, has completed its first-ever Qualified Institutional Placement (QIP), raising Rs 357.42 crores through the issuance of 1,58,71,173 equity shares of face value Rs 10 each. The QIP witnessed participation from domestic and global institutional investors, including Authum Investment, Trust Mutual Fund, Resonance Opportunities Fund, Necta Bloom VCC, Saint Capital Fund, among others. The proceeds will be used to deleverage the balance sheet, including repayment of the Ascertis Credit facility and growth initiatives across verticals, aimed at unlocking long-term shareholder value, Veranda said in a press release. According to Veranda, the demand reflects broad endorsement of its differentiated multi-vertical education model and its long-term growth strategy. Systematix Corporate Services acted as the sole Book-Running Lead Manager for the transaction. Veranda Learning offers a variety of training programs, including competitive exam preparation for exams like State Public Service Commission, Banking, Insurance, Railways, IAS, and CA, as well as professional upskilling courses. The company operates through a multi-modal delivery system, including online, offline, and hybrid formats. Founded in 2018 by the Kalpathi AGS Group, Veranda Learning has a presence across schools, test prep, study abroad, software upskilling, and higher education. Its differentiated pedagogy, multi-modal delivery, and commitment to student outcomes have driven rapid expansion across India. It aims to democratize high-quality education at scale using technology, robust academic frameworks, and outcome-driven models.

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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