17 February 2020:
Edtech startup PlanetSpark has raised ₹3.2 Crore in a follow-on Pre Series A round of funding from IAN, Lead Angels and Hyderabad Angels.
Existing seed investor FIITJEE Limited, also participated in the funding round.
Vikas Kuthiala and Nitin Zamre were the deal leads on behalf of IAN.
Delhi based CENSIE Capital Partners was the adviser to Planetspark for this transaction.
The startup will use the fresh capital for expanding its business into new geographies and increasing enrolments by 10x over the next 12-15 months.
Kunal Malik, Co-Founder, PlanetSpark, said, “Pure online learning through videos is passive and suffers from very poor completion rates. The presence of a dedicated space, time and a mentor is essential for young kids to learn effectively. Hence, we blend online with an offline experience at our neighbourhood learning spaces where kids can learn academic skills (English, Maths, Science) and 21st century skills (coding, robotics, public speaking etc) in the presence of a qualified teacher.”
Maneesh Dhooper, Co-founder, PlanerSpark, said, “Though our asset light model and an omnichannel approach, our acquisition costs go down considerably with time. As a Learning Zone grows, its brand builds in the area and it acts like a magnet to attract more students due to network effects, with a 42% referral rate. Due to our face to face interaction with children and learning analytics and live-feed system for parents, our engagement is very high, leading to 95% retention rates.”
(Image – PlanetSpark)