Continued Momentum in Pre-Series B

Virohan had initiated its pre-Series B round in December 2022, raising $7 million in a round also led by Blume Ventures. The current infusion marks a significant step toward expanding its operations and improving service delivery in India’s growing healthcare education market.

As per regulatory filings with the Registrar of Companies (RoC), Virohan’s board approved a special resolution to issue 1,783 pre-Series B3 compulsorily convertible preference shares (CCPS) at a price of ₹1,44,072 per share. The capital raised will be used for general operations, working capital, capital expenditures, and business expansion.

Investment Breakdown and Valuation

Blume Ventures will contribute ₹15 crore, while Bharat Inclusive Technologies and Rebright Partners will invest ₹5.7 crore and ₹5 crore, respectively. Following this allotment, Virohan’s post-money valuation is estimated to reach ₹530 crore (around $62 million), representing a 25% increase from its last funding round.

To date, Virohan has secured over $15 million in total funding. According to data from TheKredible, Blume Ventures will become the largest shareholder with a 15.36% stake. Bharat Inclusive Technologies and Rebright Partners will hold 5.84% and 5.65%, respectively. Co-founders Nalin Saluja, Kunaal Dudeja, and Archit Jayasal will each maintain a 13.6% ownership stake.

About Virohan: Bridging Healthcare Skills Gap

Founded in 2018, Virohan offers vocational training programs for aspiring healthcare professionals across India. Using a hybrid learning model, the startup provides training both online and on-campus in cities like Delhi, Gurugram, Faridabad, Pune, Jaipur, Mumbai, and Nagpur. The company aims to address the growing demand for skilled healthcare workers in India’s Tier 1 and Tier 2 cities.

Financial Growth and Strategic Partnerships

In FY24, Virohan nearly doubled its operating revenue to ₹21 crore from ₹10.65 crore in FY23. While losses also increased by 18% to ₹22 crore, the surge in revenue highlights strong business growth and market demand.

In a strategic move, Virohan recently collaborated with Lenskart to launch SureStart, a training initiative that blends theory with practical learning to prepare students for ophthalmic technician roles, further expanding its industry-focused education offerings.

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With this round, Zoplar’s total funding stands at $5.1 million, backed by Titan Capital, Stride Ventures, and Panthera Peak.

The new funds will be used to enhance operational efficiency, focusing on backward supply chain integration and building a strong service engineering team, according to the company.

Founded in 2022 by Amit Sah and Umesh Sharma, Zoplar offers a comprehensive medical equipment platform addressing critical challenges faced by MSME hospitals. These include finding cost-effective products, managing vendor relationships, ensuring reliable after-sales service, and accessing financing solutions.

Zoplar has partnered with around 300 hospitals, including leading nephrology chains like DCDC, and boasts a 40% repeat customer rate, highlighting the growing demand for quality medical equipment in the healthcare sector.

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Previously, Vecmocon raised $5.2 million in a pre-Series A round from Tiger Global and Blume Ventures in October 2022. However, Tiger Global did not participate in the latest round. The Delhi-based startup had earlier raised $300k and was incubated at IIT Delhi and ISB.

Vecmocon plans to use the new funding to strengthen its R&D capabilities in high-voltage systems, energy storage systems (ESS), 5G automotive connectivity, and Zonal ECU-compliant architectures. According to a press release, the company also aims to expand its team and establish international-standard R&D infrastructure for the electric vehicle (EV) sector.

Founded in 2016 at IIT Delhi by Peeyush Asati, Adarshkumar Balaraman, and Shivam Wankhede, Vecmocon provides advanced computing solutions for EVs, including battery management systems (BMS), vehicle intelligence modules (VIM), and EV chargers. Its products currently power over 70,000 vehicles on Indian roads, serving clients like Exide, BGauss, and Battery Smart.

The company is also pursuing global expansion, with existing customers in Sri Lanka and plans to explore Southeast Asian and African markets.

For the fiscal year ending March 2023 (FY23), Vecmocon reported Rs 4.2 crore in operating revenue with a loss of Rs 41 lakh. FY24 financial details are yet to be disclosed.

Before this round, the founding members collectively held nearly 55% stake in Vecmocon. According to startup data intelligence platform TheKredible, Blume Ventures and Tiger Global owned 12% and 10%, respectively.

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Study abroad platform Leverage Edu has raised $40 million in its Series C funding round led by the Princeton-based global education testing and assessment organization Educational Testing Service (ETS), sources familiar with the development told CNBC-TV18. Last year, the conglomerate led the $210 million funding in upskilling unicorn upGrad, valuing the startup at around $2.25 billion.

CNBC-TV18 has also learnt from sources that LeverageEdu is ramping up its headcount by almost 5x and will use the fresh capital for hiring 250 people to its already 1000+ employee roster. The company refused to comment on the development.

Leverage Edu has raised around $21 million from the equity which was co-led by Educational Testing Service (ETS) and Shorelight LLC while the rest of the infusion came from the debt capital.

ETS International and Shorelight co-led the equity round with Rs 41 crore ($5 million) each while Three State Capital, Capri Global Holdings, and Blume Ventures poured Rs 12.3 crore($1.5 million), Rs 12 crore ($1.45 million), and Rs 8.2 crore ($1 million), respectively. Several individuals and notable investors including Kiazen Private Limited, NB Ventures, and Auctus Holding cumulatively invested Rs 54.5 crore ($6.5 million) into the company.

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HealthAssure, a health tech startup, on August 25, raised Rs 50 cr (approx $6.2 million) in a pre-series B funding round led by the Rajiv Dadlani Group, a group of angel investors. The round also saw participation from venture capital firm -Blume Ventures, a US-based impact fund – Leo Capital, family offices, and high-net-worth individuals.

The company, in a statement, said it intends to deploy these funds into enhancing its product, strengthening distribution, sharpening its outpatient department (OPD) insurance network, and investing in futuristic primary healthcare technology. HealthAssure also said it aims to clock 10 times its current revenue within the next three years.

Founded in 2011 by Varun Gera, HealthAssure is a health tech startup aggregating primary health care services and OPD insurance and claims to have served more than three million customers.

“Raising our largest round yet in such difficult market conditions displays the confidence which our existing and new investors have in our unique business model and the potential of the large healthcare market ripe for disruption. This motivates us to build further on our assets, capitalise on the opportunity and solidify our leadership position in the market. We would like to thank our newest backers and Blume for being part of our fulfilling startup journey,” said Gera, who is also the chief executive officer (CEO) of HealthAssure.

HealthAssure said it is present across 1,200 cities and has doubled its revenues year on year. The company has raised Rs 220 crores so far from its previous funding rounds. In 2020, it also acquired a fitness startup, FitMeIn.

“We have tracked HealthAssure’s impressive growth journey for a while. Varun and the HealthAssure team, have a strong pedigree and rich experience and have built a strong foundation, they are well poised to be a leading brand in the Healthtech and Insuretech industry. We are very excited to partner as long-term investors, and support them in their journey,” said Rajiv Dadlani, of Rajiv Dadlani Group.

HealthAssure said it is targeting day-to-day health insurance by creating innovative products and distributing them through diversified channels. It claims to have an immediate total addressable market of $3 billion at its disposal. The company said it has several lines of businesses serving insurers like Life Insurance Corporation (LIC), State Bank of India (SBI) Life, and more for their primary care needs. It also said it provides employee health benefits to some of the leading Corporates like GE, Deloitte, Deutsche Bank, and more.

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