Brightchamps, an Indian edtech startup that specializes in offering online courses on programming, AI, and financial literacy to kids, has successfully reached a $500 million valuation.
With a latest funding round backed by investment office of Wipro — Premji Invest, the edtech firm raised $51 million. The round also included participants like GSV Ventures, Flipkart-backed 021 Capital and Singapore-based Beenext.
Earlier in 2020, Brightchamps had first closed $63 million in total funding. Back then US-based GSV Ventures had led an undisclosed funding of around $12 million in the edtech firm.
Currently, Brightchamps operates in 10 foreign countries including Middle East and Southeast Asia. Fueled by the new funding, the company is now looking to expand in the US and Canada and launch its paid courses in India by 2022.
Ravi Bhushan, Founder and Chief Executive of Brightchamps, says that their company has achieved the $10 million ARR in less than 10 months and have gained presence in 10 countries.
He claims that Brightchamps initially started with Dubai and, since the response was good, expanding its services to other GCC (Gulf Cooperation Council) countries. Following this, the firm launched its courses in countries like Malaysia and the Philippines.
Mr. Bhushan pointed out that the growth it achieved was without any external investor and his firm has been fully organic through customer funding.
Commenting on its upcoming services, he said that in the next two months, Brightchamps will be launching a financial literacy course. Besides that, it will be focusing on building platforms.
The firm has one-to-one and one-to-many offerings for courses, but it is looking at potential peer-to-peer models of sharing learnings.
As of now, Brightchamps has a team of 200 employees and around 1,000 trainers who teach kids on the platform.
As per Mr. Bhushan, their firm will be hiring more employees across domains like technology, content, product, growth, operations, marketing, sales, and business development as it expands its operations.