CollegeDekho’s board has approved a special resolution to allot 8,843 Series B1 preference shares to Janeville Limited at an issue price of Rs 82,927.98 each
Gurugram-based college admissions and higher education services platform CollegeDekho has raised Rs 73.3 crore (about $9 million) from Janeville Limited. It is the firm’s first funding round this year.
CollegeDekho’s board has approved a special resolution to allot 8,843 Series B1 preference shares to Janeville Limited at an issue price of Rs 82,927.98 each to raise Rs 73.3 crore or about $9 million, according to its regulatory filing with the Registrar of Companies (RoC).
Last December, CollegeDekho closed its Series B round at $35 million. The round was led by Winter Capital, ETS Strategic Capital—the private equity investments arm of ETS (creator of the TOEFL tests and GRE tests), Calega, and existing investor Man Capital.
The latest round seems to be an addition to its Series B round. The edtech player had raised a total of $47 million prior to this round.
The company said that the Series B funds will also be used for acquisitions and consolidation. Subsequently, CollegeDekho bought three startups—IELTSMaterial, Getmyuni, and PrepBytes.
Founded in 2015 by Ruchir Arora, Rajiv Singh, Saurabh Jain, and Rohit Saha, CollegeDekho aims to institutionalise student counselling in India. It connects prospective students with colleges using its proprietary technology and AI-based conversation bot. CollegeDekho specialises in education, college admission, university admission, student counselling, competitive exam preparation, and one-click education solution.
Amid the funding winter, edtech witnessed a significant 39% drop in fundraising in 2022, according to Tracxn. Around 70% of edtech funding in the year came from five $100+ million rounds raised by BYJU’S, upGrad, LEAD, and Physics Wallah, as per reported by YourStory.
Also read: Digital literacy is practically the only way to live our lives these days
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