STARTUPS

Brightchamps Closes $63 Million Funding

Brightchamps has closed $63 million in total funding since August 2020 and is now valued at nearly $500 million, Founder and CEO Ravi Bhushan said.  The 16-month-old startup has observed 10 times growth in its annual recurring revenue (ARR) in the current calendar year, He added.

“We began with Dubai and extended to other Gulf Cooperation Council (GCC) countries as the response was good. Then we started out in countries like Malaysia and the Philippines and we are the leading players in these markets. All the growth came without any external investor and it has been fully organic through customer funding,” Bhushan said.

The majority of Brightchamps’ leadership team is currently operating in Goa but it is planning to start an office in Bengaluru for staff wanting to work on a hybrid model. It will utilise the new funds to double down on its existing markets as well expand itself in the US and Canada. “In the next two months, we are launching a financial education course. Other than that, we are concentrating on developing platforms. We have one-to-one and one-to-many students offerings for the courses but are looking at potential peer-to-peer models of sharing learnings,” Bhushan added.

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