BrightChamps, an Indian edtech startup that tries to close the learning gap left by K12 schools, said on Monday it had raised $ 51 million in a new round of funding and $ 63 million since launching a year ago then. as the Goa-based company seeks to expand its footprint in more than 10 nations.
The startup, which is valued at nearly $ 500 million in the new funding round led by Premji Invest (the private investment office of tech billionaire Azim Premji), teaches kids programming and other skills in more than 10 markets, including several in Southeast Asia, as well as the United States and Canada, BrightChamps co-founder and CEO Ravi Bhushan told TechCrunch in an interview.
Bhushan, who was homeschooled and previously was the technology and product manager of the property portal PropTiger, said schools around the world are failing to teach children several important life skills. âIt’s not an Indian problem. Schools around the world are teaching children how to change the style of text in Microsoft Word in the name of technology, âhe said.
The startup – which has amassed over a hundred thousand enrolled students, achieved profitability, and has recurring annual revenue of around $ 10 million – “is building a” mass teaching weapon “and is leading the disruptive wave that will make India one of the world’s largest exporters of transformative digital education, “Deborah Quazo, Managing Partner of GSV Ventures, said in a statement. TechCrunch reported in July that BrightChamps is committing with investors to raise funds at a valuation of over $ 500 million.
More than a thousand teachers around the world have joined BrightChamps to teach children, Bhushan said. âChildren have the opportunity to learn skills in the local language they prefer,â he said, adding that the startup was working to expand its offering. He will soon add financial literacy to his curriculum, he said.
Bhushan said the startup’s growth has been completely organic so far and that it hasn’t used any money raised from investors. âWe only grow with the money we earn from our customers,â he said.
BrightChamps has been one of the most talked about startups in India over the past year and has already been approached by one of the country’s biggest edtech giants with a takeover offer, TechCrunch has learned.
The startup, which first spoke last week after TechCrunch approached it to confirm the funding round, said it intends to announce its offers and the previous funding round. year, but decided not to because she didn’t want to celebrate a milestone at a time when the home nation was trying to tackle the pandemic.
Bhushan declined to comment on any takeover offers received by BrightChamps, but said he was building the startup with a very long-term view and not looking to make short-term deals. âEducation, as you can see, has been my passion since childhood. I am here to build an iconic brand, âhe added.
There is significant white space in the category in which BrightChamps operates, he said, when asked how the startup plans to roll out the new funds. âOne area is the potential of children to learn from each other. We have experimented with this. So we’re going to launch a peer-to-peer experience, âhe said, adding that eventually, the startup wanted to create a platform like Stack Overflow for children. âWe are also looking to host Olympics and tech hackathons,â he said.
BrightChamps is also exploring opportunities to acquire companies that share its mission and sensibilities, he said.
âLess than a year after its inception, Brightchamps has established itself as one of the fastest growing education technology companies in the markets it serves. Leveraging human resources globally to deliver personalized experiences, along with a unique ability to hyper-differentiate learning journeys, Brightchamps is poised to prove that the power of data and learning can be combined. for differentiated results, âsaid T Kurien, Managing Partner of Premji. Invest, in a press release.