Virohan Set to Raise Rs 25.7 Crore in Pre-Series B Funding
Healthcare edtech startup Virohan is prepared to secure Rs 25.7 crore (approximately $3 million) in its ongoing pre-Series B funding round, spearheaded by Blume Ventures. Current investors Bharat Inclusive Technologies and Japan-based venture capital firm Rebright Partners are also participating in this round.
The pre-Series B funding for Virohan commenced in December 2022, resulting in a successful raise of $7 million led by Blume Ventures. This development was previously reported exclusively by Startup Superb.
As per Virohan’s regulatory filing with the RoC, the board has approved a special resolution for the issuance of 1,783 pre-Series B3 CCPS at an issue price of Rs 1,44,072 each, aiming to raise the aforementioned funds.
The investment will be directed towards enhancing general operations, meeting working capital needs, covering capital expenditures, and furthering the company’s expansion plans, according to the filing.
Blume Ventures will contribute Rs 15 crore, while Bharat Inclusive Technologies and Rebright Partners are set to invest Rs 5.7 crore and Rs 5 crore, respectively, to increase their ownership stakes.
Startup Superb estimates that the Gurugram-based company will achieve a valuation of Rs 530 crore or $62 million post-allotment, representing a 25% increase from its previous valuation round.
To date, Virohan has successfully raised over $15 million in funding. Following this latest funding round, Blume Ventures is expected to become the largest shareholder with a 15.36% stake. Bharat Inclusive Technologies and Rebright Partners will hold stakes of 5.84% and 5.65%, respectively. Company co-founders Nalin Saluja, Kunaal Dudeja, and Archit Jayasal will each maintain a 13.6% stake.
Founded in 2018, Virohan focuses on providing vocational training for students aspiring to pursue careers in the healthcare sector. The company offers its programmes through hybrid classroom models both on campuses and via online platforms across various cities in India, including Delhi, Gurugram, Faridabad, Pune, Jaipur, Mumbai, and Nagpur.
Virohan nearly doubled its operating scale in FY24, registering an operating revenue of Rs 21 crore compared to Rs 10.65 crore in FY23. However, the company’s losses increased by 18% year-on-year, reaching Rs 22 crore during the same period.
Recently, Virohan has joined forces with Lenskart to unveil SureStart, a programme designed to blend theoretical and practical training, effectively preparing students for job-ready positions in the ophthalmic field.