Edtech startup BrightChamps has raised $51 million in a new financing round valuing the company at a whopping $500 million. This brings its total funding to $63 million since its inception in July last year.
The new round was led by Premji Investment and saw participation from edtech focused investment company GSV Capital, Singapore-based Beenext and Binny Bansal-backed 021 Capital.
BrightChamps offers online courses on programming and artificial intelligence among others for the K12 education segment and is currently operational in 10 foreign countries including in Southeast Asia and the Middle East.
With the fresh funding, the company plans to expand to markets like the U.S. and Canada. It is yet to offer paid courses in India.
“Currently, over a hundred thousand registered students are spending more than 6 million minutes of live learning every month on the platform. These students are mentored by close to a thousand online instructors spread across the world,” BrightChamps said in a press statement.
Another edtech startup that saw its valuation balloon to close to half a billion dollars in a short period of time like BrightChamps is Teachmint. Last month, the SaaS-based edtech company raised $78 million in its Series B at a valuation of about $500 million.
With a $63 million round, BrightChamps also joins the league of startups who have raised large sums of money in their maiden institutional round. Some of these startups are 10-minute grocery delivery startup Zepto which raised $60 million in its Series A round in October.
The same month, business-focused lending marketplace CredAvenue had raised $90 million in its Series A round in October at a valuation of more than $400 million.
In July, e-commerce rolled out startup GlobalBees had raised $150 million in its Series A round.