Online makeup and culinary skilling platform Airblack has raised approximately Rs 33 crore ($4 million) in a pre-Series B funding round led by the Michael & Susan Dell Foundation.
The round also witnessed participation from existing investors, including Elevation Capital and InfoEdge Ventures, along with other participants such as Blume Ventures, Thadani, and Pawar Family Trust.
Details of the investment
The funding process involved the issuance of 10 equity and 4,467 Pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of Rs 71,162 each, totaling around Rs 32 crore ($3.8 million), Entrackr reported, citing regulatory filing sourced from the Registrar of Companies.
The Michael & Susan Dell Foundation contributed the largest portion, with Rs 16.32 crore. Elevation Capital and InfoEdge (via Beacon Trusteeship) each invested Rs 6.33 crore, with the remaining funds coming from other investors.
Airblack’s growth and expansion plans
Airblack, founded in 2019 by Videt Jaiswal, Vaibhav Raj Gupta, and Pulkit Pujara, initially began as a travel company but pivoted to the beauty sector post-pandemic.
The Gurugram-based startup plans to utilize the fresh capital for working capital needs, general corporate purposes, and business expansion. This includes launching new virtual offerings, opening hybrid learning centres in 10 cities, and focusing on mobile-first delivery and learning-by-doing pedagogy.
Impact on the Skilling Landscape
Airblack with its outcome-focused skill-learning platform, has significantly impacted the skilling sector, especially in beauty upskilling. The platform is accredited by the Government of India’s Beauty & Wellness Sector Skill Council and Skill India. It claims to have enrolled over 35,000 students from 300 cities, empowering many women to become micro-entrepreneurs and access local jobs.
Who are the stakeholders?
Post-funding, Elevation Capital emerges as the largest external stakeholder with a 27.07% share, followed by Info Edge and the Michael & Susan Dell Foundation with 13.49% and 8.63% shares, respectively.
Founder Videt Jaiswal holds an 18.74% share. The startup is now focusing on expanding its course offerings geographical presence and moving towards profitability.
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