Edtech startup BrightChamps Tech Pvt Ltd, which offers new-age online courses like programming, artificial intelligence, design thinking and financial literacy, has raised $63 million at a valuation of nearly $500 million, the company said in a statement.
The funds, which came from investors like Premji Invest, GSV Ventures -- an edtech-focussed venture capital firm, Flipkart’s co-founder Binny Bansal, Singapore-based Beenext and Bangalore-based 021 Capital, will be used to hire across major functions such as product, technology, growth, content, operations, sales, marketing and business development, the company said.
“With more firepower in their warchest, the company will also expand to other relevant verticals by launching more courses and will also look to acquire new companies in adjacent markets,” said T K Kurien, managing partner at Premji Invest.
BrightChamps said that more than 100,000 students spend over 6 million minutes of live learning every month on its platform. The company targets kids aged 6-16 with its live learning program which complements the school curriculum.
“Their (BrightChamps’) meticulously curated curriculum and blended approach are designed to spark scientific curiosity and exploration in early learners, allowing them to master new-age skills at their own pace,” said Bansal.
BrightChamps’ fundraise comes at a time when the edtech sector in India is seeing boom with companies looking to cash in on the rising demand for remote learning post the pandemic. In the last one month at least 9 edtech companies have raised funds.
In 2021, three edtech companies turned unicorns, with Vedantu joining the club in late September after raising $100 million in a Series E round led by Singapore-based impact investor ABC World Asia. Executive education platform Eruditus and higher learning startup upGrad also became unicorns in 2021.
Last month, VCCircle had reported that India’s edtech sector is expected to grow at a CAGR (compound annual growth rate) of over 15% from $2.8 billion in 2020 to $30 billion in 2030, citing a BLinC Investment Management report, which also terms India as the world’s most active edtech market.
Recently, Premji Invest, had also invested in Questt, an artificial intelligence education platform,in a Series A round.
