Startup Edtech BrightChamps, valued nearly $ 500 million, exits stealth mode – TechCrunch

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BrightChamps, an Indian edtech startup that is attempting to close the learning gap left by K12 schools, said on Monday it had raised $ 51 million in a new funding round and $ 63 million to date since launching a year ago as a company with Goa-based seeks to expand its presence to over 10 countries.

The startup, which is worth nearly $ 500 million in the new funding round led by Premji Invest, teaches kids coding and other skills in more than 10 markets including Southeast Asia, the United States and Canada. BrightChamps Co-founder and CEO Ravi Bhushan told TechCrunch in an interview.

Bhushan, who studied at home and previously served as chief technology officer at property portal PropTiger, said schools around the world fail to teach children several important skills they need to excel on time. modern. “It’s not India’s problem. Schools around the world are teaching children how to change the style of text in Microsoft Word in the name of technology, “he said.

The startup, which has amassed over 100,000 enrolled students, has achieved profitability and is posting a recurring annual turnover of approximately $ 10 million, is “building a” mass education weapon “and leading the disruptive wave it will do. one of India’s largest exporters of transformative digital education, “said Deborah Quazo, managing partner of GSV Ventures, in a statement. GSV led the startup’s previous round, as reported by TechCrunch.

Over a thousand teachers around the world have joined BrightChamps to teach children, Bhushan said. “Children have the opportunity to learn skills in any local language they prefer,” he said, adding that the startup is working to expand its offering. He will soon be adding financial literacy to his resume, he said.

A slide from a previous BrightChamps investor obtained by TechCrunch. The startup counts among its supporters the investment company of Flipkart co-founder Binny Bansal and BEENEXT.

Bhushan said the startup’s growth has so far been completely organic and hasn’t used any money raised by investors. “We are growing solely with the money we have earned from our customers,” he said.

BrightChamps has been one of the most talked about startups in India over the past year and has already been contacted by one of the country’s biggest edtech giants with a takeover offer, TechCrunch learned.

The startup, which first spoke last week after TechCrunch approached to confirm the funding round, said it intended to talk about its offerings and previous funding round last year, but decided not to. to do so because he didn’t want to celebrate a milestone at a time when his home country was trying to fight the pandemic.

Bhushan declined to comment on any takeover offers BrightChamps received, but said he is building the startup with a long-term vision and not looking to make short-term profits. “Education, as you can see, has been my passion since childhood,” he added.

There’s significant gap in the category BrightChamps operates in, he said, when asked how the startup plans to distribute the new funds. “One area is the potential of children learning from each other. We have experimented around it. So we will launch a peer-to-peer experience, “he said, adding that ultimately the startup wants to build a platform like Stack Overflow for children.” We are Also looking to host Olympics and tech hackathons, “he said.

“In less than a year inception, Brightchamps has established itself as one of the fastest growing Ed technology companies in the markets it serves. By leveraging human resources globally to deliver personalized experiences, coupled with a unique ability to hyper differentiate learning pathways, Brightchamps is well on its way to demonstrating that the power of data and learning can be combined for differentiated outcomes, “he said. stated T Kurien, Managing Partner of Premji Invest in a statement.

This is a developing story. More to follow …

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