By Abhay Ray 
Introduction
PlanetSpark, an innovative provider of vocational skill training for school children based in Gurugram, is planning to go public within the next two years. Backed by Binny Bansal, the company recently achieved cash flow break-even and is now preparing to tap into India’s growing capital market. Co-founder Maneesh Dhooper revealed that the funds from the IPO will primarily be allocated to product development and expansion into new product categories. The company plans to enhance its offerings in life skills such as creativity, mathematical aptitude, logical reasoning, and critical thinking.
Dhooper explained that the IPO proceeds will help scale the business, improve existing products, and introduce new offerings, including automating several operations for greater efficiency. Additionally, the company plans to invest in digital brand-building efforts to boost its presence. The company is also preparing to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the fourth quarter of 2026. Dhooper expressed confidence that this IPO could help create a ₹ 5,000-crore business, positioning PlanetSpark as a global Indian brand in the rapidly expanding EdTech sector.
A Surge of SME IPOs in India
The growing trend of small and medium-sized enterprises (SMEs) entering the Indian stock market further supports PlanetSpark’s IPO ambitions. In 2024 alone, around 240 SMEs raised a total of ₹ 8,761 crore through IPOs, according to PRIME Database. As of February 2025, over 1,100 SMEs have been listed on the stock exchanges, including the BSE and NSE. Dhooper believes that SME IPOs, like the one planned by PlanetSpark, will continue to fuel economic growth by providing businesses with necessary capital while offering investment opportunities to a broader range of investors.
The Journey So Far – Empowering Children with Skills
PlanetSpark, founded in 2017 by Kunal Malik and Maneesh Dhooper, offers a diverse array of courses aimed at building vocational skills in school children. These include creative writing, problem-solving, public speaking, and conversational skills. The company provides a mix of live online classes, one-on-one sessions, and group practice sessions. Since its inception, PlanetSpark has reached over 60,000 children globally, with many of its students achieving remarkable accomplishments, such as delivering TED Talks, becoming published authors, and even performing stand-up comedy.The founders saw a significant gap in the education system in India, particularly regarding vocational skill development. While many schools have included life skills in their curriculam, there was still a lack of structured and high-quality courses to help children hone these essential abilities. Identifying this gap in 2017, Malik and Dhooper decided to create PlanetSpark to help children develop crucial life skills ranging from public speaking to logical thinking.PlanetSpark operates in 16 countries, including India, the United States, the United Kingdom, the UAE, Saudi Arabia, Qatar, Pakistan, Sri Lanka, Bangladesh, Australia, New Zealand, Japan, Germany, France, and South Korea. Approximately 25% of its revenue is generated from international markets, underscoring its growing global presence.
The Strategic Shift to Online Learning
Initially, PlanetSpark operated with an offline model, but the founders quickly realized the need to transition to an online platform to reach a larger audience. This move came before the onset of the COVID-19 pandemic, in late 2019, aligning with a growing trend of parents increasingly adopting online learning methods for their children. The transition proved to be a game-changer for the company, significantly increasing scalability and enabling it to attract a diverse range of customers across India. In 2022, PlanetSpark made another strategic shift by prioritizing profitability and operational efficiency. The company had incurred a loss of ₹109 crore on a revenue of ₹ 30 crore in FY22. However, through improved operations and a more focused approach, PlanetSpark reduced its losses to ₹ 90 crore in FY23, despite seeing a revenue increase to ₹ 42 crore. This shift marked the beginning of the company’s journey toward profitability.
Focus on Automation and Operational Efficiency
One of the most significant changes implemented by PlanetSpark was its focus on automation. The company streamlined its operations by automating the hiring process and introducing AI-led classes to enhance the customer experience. These measures, along with improving the efficiency of its core functions, helped increase the company’s gross margin from 42% in FY23 to 65% in FY24. Additionally, PlanetSpark managed to cut its losses by 70%, reducing them to ₹ 26 crore in FY24 while increasing its revenue to ₹ 67 crore. This operational overhaul was critical in enabling PlanetSpark to break even in cash flow during the first two quarters of FY25. The company is now operating with an annual recurring revenue (ARR) of ₹125 crore on a gross sales basis and is expecting ₹ 90 crore in revenue for FY25.
Scaling and Global Expansion
As PlanetSpark prepares for its IPO, its founders remain focused on scaling the business and making further investments in product development, automation, and market expansion. The company’s goal is to strengthen its position in the global EdTech market and become a leading provider of life skills education. With its planned IPO and focus on profitability and innovation, PlanetSpark is well-positioned for continued growth and success in the years ahead. PlanetSpark’s journey from a small startup to a profitable and scalable global company reflects its ability to adapt to market demands and leverage new technologies to enhance its offerings. The upcoming IPO represents an exciting new chapter in the company’s growth story, one that could significantly impact both the EdTech sector and the broader Indian economy.
Conclusion
PlanetSpark’s evolution from a Gurugram-based startup to a global EdTech contender highlights its strong vision, strategic adaptability, and focus on long-term value. By addressing a key gap in vocational skill development for children, the company has built a meaningful impact across 16 countries. Its early pivot to online learning, emphasis on automation, and improved operational efficiency have set a strong foundation for sustainable growth. Now, with a cash flow-positive status and an upcoming IPO, PlanetSpark is poised to scale further, innovate its offerings, and solidify its presence in global markets. The IPO marks a pivotal moment, enabling the company to invest in brand building, product development, and global expansion—paving the way for it to become a ₹5,000-crore EdTech powerhouse.
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