Edtech company BrightChamps witnessed an 8% drop in its revenue in FY23. Recording its latest revenue of Rs 20.6 crore, it saw over Rs 17 crore coming in from operations. The previous fiscal year saw a revenue of Rs 22.5 crore with operations contributing to almost all of it.
Established by Ravi Bhushan, BrightChamps is a live learning edtech platform mainly catering to children from the ages of 6 to 16. It offers a comprehensive curriculum in skills such as coding, financial literacy, communication skills, and robotics. The platform has catered to about 2 billion students so far.
In the fiscal year ending March 2023, the company’s expenses rose to Rs 180.15 crore. This was a 1.5X growth as compared to the previous year’s Rs 121 crore of expenses.
While over 40% of the total expense of FY23 were spent on employee benefits, over 30% was spent on advertisements and promotional costs. In FY22, the Hyderabad-based company spent over Rs 50 crore and a little over Rs 40 crore on each of the segments respectively.
The three-year-old company has raised over Rs 460 crore in its first and only funding round held in August 2021. While the round saw Premji Invest and GSV Ventures as the lead investors, it also saw support from the likes of Binny Bansal, 021 Capital, and Beenext.
In the year 2023, the edtech acquired two company in February and April with the deal size remaining undisclosed.
Its losses ballooned 1.6X to Rs 159.5 crore in the same fiscal year. Its EBITDA margins stood at -773.01% while ROCE was a positive 1,101.98%.