Gurugram headquartered edtech startup PlanetSpark has raised Rs 3.2 crore (approximately $448,000 at current exchange rates) in a seed funding round from Indian Angel Network, Lead Angels and Hyderabad Angels.
The round also saw participation from returning investor FIITJEE, a test preparation platform backed by Matrix Partners India, the company said in a statement.
In 2018, PlanetSpark raised Rs 1.6 crore from FIITJEE.
Winspark Innovations Learning, which owns and operates PlanetSpark, will use the funds to expand its business into new geographies. It plans to increase enrolments by ten times in the next 12-15 months.
Delhi-based CENSIE Capital Partners was PlanetSpark’s adviser for this transaction.
“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 neighborhood learning spaces where kids can learn academic skills (English, Maths, Science) and 21st-century skills (coding, robotics, public speaking) in the presence of a qualified teacher,” Kunal Malik, co-founder, PlanetSpark, said.
Founded by Malik and Maneesh Dhooper in 2016, PlanetSpark provides neighborhood learning zones where children learn and develop new-age skills under one roof. It combines online learning with an offline experience for young children from kindergarten to class 8 through its in-house learning products.
The company operates in an asset-light model where it takes up unutilised assets in pre-schools and schools to set up learning centers. It has partnered with hospitality firm OYO to launch after-school learning spaces for children.
Malik holds an MBA from XLRI Jamshedpur and an engineering degree from Ahmedabad-based Dhirubhai Ambani-IICT. He has worked with Unilever in the past.
Dhooper holds an MBA from XLRI Jamshedpur and an engineering degree from NSIT Delhi. He was an assistant vice president of education services at UrbanClap and founded an edtech venture named Jobingo before launching PlanetSpark.
“Through our asset-light model and an omnichannel approach, our acquisition costs go down considerably with time. 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,” Dhooper said.