BrightChamps said on Monday that it has closed $63 Mn funding round at $500 Mn valuation. This is an impressive jump in valuation for a company that is barely a year old. BrightChamps also stands out for its unique location since the company is located in Goa, one of the popular tourist destinations of India.
The Goa headquartered company has secured $51 Mn in the latest capital infusion while it had raised the remaining $12 Mn few months back. Premji Invest – the investment office of Wipro founder Azim Premji – led the funding round. GSV Ventures, Beenext and 021 capital were other investors that participated in the funding round. It was GSV Ventures that led the $12 Mn round in BrightChamps few months back, according to the Economic Times.
BrightChamps claims that its unique curriculum aims to close the huge learning void that is left behind by the traditional K12 schools. It offers online courses in artificial intelligence and programming among other subjects. The Goa based company claims that its curriculums and syllabus are tailor made for imparting ‘life skills’ in the students. Apart from India, the company currently offers services in west Asia, southeast Asia and also US & Canada.
Today BrightChamps is counted amongst the most hyped-up and talked about start-ups in India. So much so that the startup was been hotly pursued by an edtech giant for acquisition, according to TechCrunch. The edtech giant is supposedly Byju’s, which is the dominant player in the K-12 niche.
BrightChamps’ CEO & Founder Ravi Bhushan has claimed that his company has seen almost 10X growth in its annual recurring revenue or ARR.
The rapid rise of BrightChamps is symbolic of the renaissance that the edtech space has been witnessing since the outbreak of COVID-19. With students forced to opt for online education during the pandemic, India’s edtech industry saw an unprecedented boom.