Edtech startup BrightChamps has bought Hyderabad-based learning platform Metamorphosis Edu in a cash-and-stock deal.
However, the financial transactions of the deal were not disclosed.
With the acquisition, BrightChamps, which has been playing in the business-to-consumer (B2C) space, has marked its foray into the business-to-business (B2B) segment.
Metamorphosis founder Pavan Allena will lead BrightChamps B2B vertical under its chief financial officer Amit Kumar as it will focus on enabling National Education Policy (NEP) compliance for schools across life skills courses the company offers.
Founded in 2020, Metamorphosis provides entrepreneurship courses to school-going students in partnership with educational institutions. The startup was incubated at ISB (Indian School of Business).
On the other hand, BrightChamps, which was founded in 2020 by Indian Institute of Technology Varanasi graduate Ravi Bhushan, offers new-age online courses such as programming, artificial intelligence, design thinking, and financial literacy.
Besides India, the country is operational in several other geographies, including the US, Canada, the UAE, Saudi Arabia, Indonesia, Malaysia, Thailand, and Nigeria.
This is BrightChamps’ third acquisition since it raised $63 million at around $500 million valuation in November 2021 from PremjiInvest, GSV Ventures, Flipkart’s co-founder Binny Bansal, Beenext and 021 Capital.
The startup had acquired Singapore-based live-learning platform Schola for $15 million in a cash-and-stock deal in August last year. Prior to that, it scooped up Education10x, a financial literacy education platform for children, for an undisclosed sum.
In total, BrightChamps is looking to invest as much as $100 million to grow inorganically via acquisitions. “We are open to more acquisitions and are in talks with companies in India and overseas,” Bhushan had told VCCircle in a previous interaction.
In the financial year 2022, BrightChamps saw its revenue grow by close to 11x to Rs 22.5 crore from Rs 2.1 crore in the fiscal before. On the other hand, it saw its net loss swell by over 28x 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.