New Delhi: BrightChamps, an Indian edtech startup that specializes in offering online courses in programming, design thinking, AI, and financial literacy, has recently made an acquisition in the edtech space. The company has acquired Hyderabad-based learning platform Metamorphosis Edu in a cash-and-stock deal. The financial terms of the deal have not been disclosed.
The acquisition of Metamorphosis Edu is a significant move for BrightChamps, as it marks the company’s entry into the business-to-business (B2B) segment. Previously, the company has operated exclusively in the business-to-consumer (B2C) space. Metamorphosis Edu, which was founded in 2020 and incubated at the Indian School of Business, provides entrepreneurship courses to school-going students in partnership with educational institutions.
Under the terms of the deal, Metamorphosis founder Pavan Allena will lead BrightChamps’ B2B vertical under the leadership of its CFO Amit Kumar. The focus will be on enabling National Education Policy compliance for schools across life skills courses offered by the company.
BrightChamps has operations in several countries, including India, the US, the UAE, Canada, Saudi Arabia, Indonesia, Malaysia, Thailand, and Nigeria. This is the third acquisition for BrightChamps since it raised $63 million at a valuation of around $500 million in November 2021 from investors such as GSV Ventures, PremjiInvest, Flipkart’s co-founder Binny Bansal, 021 Capital, and Beenext. In August 2022, the startup had acquired Singapore-based live-learning platform Schola for $15 million in a cash-and-stock deal. Prior to that, it acquired a financial literacy education platform Education10x for children, for an undisclosed sum.
BrightChamps is looking to invest up to $100 million to grow inorganically via acquisitions. “We are open to more acquisitions and are in talks with companies in India and overseas,” said Ravi Bhushan, the founder of BrightChamps.
In the financial year 2022, the company’s revenue grew by close to 11 times to Rs 22.5 crore from Rs 2.1 crore in the previous fiscal year. However, its net loss increased by over 28 times to Rs 97.5 crore in FY22 from Rs 3.5 crore in the fiscal ended 31 March 2021, according to data by VCCEdge, the data intelligence platform of VCCircle.
The acquisition of Metamorphosis Edu is expected to help BrightChamps expand its B2B offerings and achieve its goal of enabling National Education Policy compliance for schools. With the support of Metamorphosis’ team and expertise, BrightChamps is well-positioned to further its growth in the edtech space and expand its footprint globally.
