Edtech startup Bhanzu raises $16.5 Mn in Series B round

Math-focused edtech platform Bhanzu has raised $16.5 million in its Series B round led by Epiq Capital and Z3 Partners. Existing backers such as Lightspeed Ventures and Eight Roads have also participated in the current round. 

The funds will be utilised for expansion in the US market. Besides India, the startup has a presence in the US, the UK, and the Middle East. 

In September 2022, the Hyderabad-based company had raised Rs 119.8 crore (around $15 million) in its Series A round led by Eight Roads Ventures and others. Entackr exclusively reported it.

With the fresh capital, Bhanzu has raised more than $33 million to date.

“The US maths education market has significant potential, but it is dominated by large, billion-dollar companies that have not innovated their curricula or effectively embraced technology. This gap creates a significant opportunity for Bhanzu to revolutionise maths education in the US,” said Neelakantha Bhanu, co-founder and CEO of Bhanzu.

Founded in 2020, Bhanzu provides experiential math learning courses that enable cognitive abilities among children aged between 5 to 16 years. According to its website, it has trained over 30,000 students through its bouquet of courses. 

The company claims to have achieved 8x growth since its last funding round, positive cash flow, and a strong product-market fit across the markets it operates in.

While Bhanzu has yet to file its annual financial statements for FY24, the company registered over 13x jump in its operating revenue to Rs 47.33 crore in FY23. The company’s losses also surged nearly 18x to Rs 70.99 crore in FY23.

It competes with Cuemath, Unacademy, Adda247, and Skillmatics.

After a significant drop in funding, edtech startups are gradually making a comeback, marked by several substantial deals. Recently, PhysicsWallah secured $210 million, followed by Eruditus with $150 million and upGrad with $60 million.