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An edtech startup announced its valuation at USD 500 million. How well edtech industry is performing

The COVID 19 saw the rise of two sectors in the lockdown- the fintech industry and the edtech industry. One important lesson which the COVID 19 lockdown taught us is that to operate in the current world and world post-COVID, we need to use technology.

Businesses need to have a technological platform to conduct their operations. We need to make the best use of technology to ensure that we can survive in this competitive world. Businesses not using technology will constantly be exposed to the dangers of this unpredictable world. The edtech industry is here to solve the problems and shortcomings of the traditional education industry.

The edtech industry of the country has seen a sharp rise since the COVID 19 lockdown. The number of viewers of Byju’s and Unacademy has increased drastically as well as the number of subscribers for the online educational platform has shown a significant rise in number. The number of startups coming up in this edtech sector has increased to a vast number.

According to the reports, edtech startups of India have raised more than USD 4 billion since the year 2020. Out of USD 4 billion, USD 2.2 billion has been raised in 2020, and USD 1.9 billion has been raised in 2021. Byju’s has become the first edtech company in India, which turned into a unicorn, and later on, became the most valuable startup in the country, at USD 16.5 billion. It also has become the most valuable edtech startup in the world.

Announcement of the funding of the edtech startup edtech startup

The edtech startup, Brightchamps, has raised USD 51 million in a new round of funding, as announced on November 08, 2021. This round was led by Premji Invest, an investment office of Azim Premji, the founder of Wipro. This round also saw participation from various investors like- Azo GSV Investor, an edtech-focused investor, 021 Capital, which is backed by Binny Bansal, the co-founder of Flipkart, and Beenext, which is a Singapore-based venture fund.

The total funds have come up to USD 63 million, and the startup’s value came up to USD 500 million. The startup plans to utilize the funds raised in its expansion plans in the US and Canada and double down on its existing markets. The startup also plans to use a portion of funds in launching its paid courses in India next year.

The startup had previously raised USD 12 million in a round of funding led by GSV Ventures, based in the US. GSV Ventures has also made investments in other edtech startups like Class plus and LEAD School.

About the newly funded edtech startup brightchamps 1

Brightchamps is engaged in offering online courses on programming, artificial intelligence, design thinking, and financial literacy to kids between the ages group 6 and 16 years. It was registered as the company in July 2020, and it began its operations in August in the year 2020. It is of a belief that the hidden potential of the kids needs to be nurtured.

The adeptly crafted programs of the startup complement the school curriculum, which helps fuel the latent talents of the children and groom them towards future success in alignment with their natural abilities and inclinations. In this fast-changing world, the startup arms the kids with the most desired skills an extra edge, a competitive edge to succeed in their predilected field. The startup envisages the kids as tomorrow’s next technology leaders, innovators, artists, entrepreneurs, and scientists.

The startup considers the kids as its advisors. It believes that the kids are at the centre of learning by doing philosophy. Their feedback consistently helps the startup refine the teaching approach and introduces new and exciting content from time to time, making the overall experience immersive and playful.

The startup considers the parents as their investors who have reposed faith in the startup, thus bolstering their core strengths, enabling the startup to do all they can to deliver only the best. It considers the parents’ constant source of encouragement and inspiration for the startup to strive for the best.

The startup considers the teachers and curriculum designers as the flag-bearers of the startup’s approach to revolutionizing the education system, making it unique, immersive, and holistic for the kids, sparking curiosity and a thirst for learning and doing. The ambassadors of the startup strive to bring out the genius in every kid.

The startup is operating in 10 foreign countries, including the Middle East and Southeast Asia. It has witnessed ten times growth in its Annual Recurring Revenue. It has its offerings mainly in three courses, and the primary offering is worth INR 25,000. The startup team consists of 200 full-time employees and around 1000 teachers engaged in teaching the kids on the platform. The startup has plans to hire more people across various categories like product, technology, growth, content, operations, sales, marketing, and business development.

What has been said about the deal?brightchamps founder

The founder and the Chief Executive of the startup, Brightchamps, Ravi Bhushan, said that the startup started in Dubai and expanded to other Gulf Cooperation Council countries because of the excellent response. Then later, the startup was raised in Malaysia and the Philippines and became the leading player in the market. He further boasted that all the growth came without any external investor and has been entirely organic through customer funding.

He further said that the startup has achieved USD 10 million ARR in less than ten months and is present in ten countries. He commented that this achievement was ahead of the internal timelines of the startup.

He further said that the startup is launching a financial literacy course in two months, a big focus. He even said that besides that, the startup is also focusing on building platforms.

The startup is working in an industry that is operating at an excellent rate. We wish the startup a stroke of good luck and a bright future ahead.

Article Proofread and Edited by Shreedatri Banerjee.

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