Edtech startup BrightChamps is planning to close mergers and acquisitions worth $100 million through the stock and cash deals in the ongoing fiscal year (FY23), according to co-founder and CEO Ravi Bhushan.
The acquisitions will likely be across India, the United States, the UK, the Middle East and Southeast Asia.
“We have already done a couple of acquisitions like Education 10X, and it is performing very well. This gave us more confidence to double down on our acquisitions,” Bhushan said. “We are in the final stages of discussion with a tech startup here in India and will be closing the deal soon.”
The investment for acquisitions will be in phases, Bhushan added.
“We are going aggressive on this (inorganic expansion) and if the same market situation prevails, we are looking to spend this money in two-three quarters from now,” he said.
BrightChamps, founded in 2020 by Bhushan, an IIT-Varanasi graduate, offers online courses on programming, artificial intelligence, design thinking, and financial literacy to kids aged 6 to 16.
It is currently operational in more than 30 countries, including the United States, Canada, UAE, Saudi Arabia, Indonesia, Malaysia, Thailand, and Nigeria.
While most of the startup’s revenue comes from outside India, it is trying to acquire edtech companies in India, particularly in the life-skills sector, product-led distribution platforms, and other areas.
According to Bhushan, the company recently created RoboChamps, a robotics vertical that focuses on teaching life skills at a reduced cost.
“We can make this ambitious plan only because we are very prudent on cash burn and other costs. We have deep pockets,” Bhushan said on raising capital amid a slowdown in big-ticket funding.