Hyderabad headquartered Bhanzu is a math learning platform that aids students to grasp mathematical concepts quicker and better by nurturing their cognitive abilities and building their core math acumen.
The platform witnessed its top scale rising over 13X to Rs 51.3 crore in FY23. This was a surge as compared to its preceding fiscal year’s Rs 3.8 crore.
The math focused edtech platform posted a similar growth in its revenue from operations. It generated over Rs 47 crore in the fiscal year ending March 2023, contributing over 92% to the overall revenue.
Bhanzu was founded in 2020 by Neelakantha Bhanu, titled as the “World’s Fastest Human Calculator”. The platform enables children from the ages of 5-16 years to attain experiential math learning courses which enables cognitive abilities.
Its aims to build a personalized math curriculum using AI to build confidence in students by enabling them to apply math in the real world. It claims to have trained more than 30,000 students so far.
Its expenses for FY23 amounted to Rs 122.4 crore, a whopping 15X gap as compared to FY22’s Rs 7 crore. While employee benefits contributed a majority of over 70%, advertising costs and legal charges took up more than 12% and close to 1% respectively.
The four year old startup last secured an approximate of Rs 120 crore in its Series A round led by Eight Roads Ventures in late 2022. The round also saw support from the likes of B Capital and Lightspeed.
Post the infusion of the amount raised, the founder held close to 40% of the company’s shares. While Lighspeed had about 19%, over 11% was set aside as the ESOP pool.
A couple months prior to this, it raised its Seed round of Rs 16 crore led by Lightspeed.
Its losses amounted to Rs 71 crore in FY23, an 18X surge from its preceding fiscal’s approximate of Rs 4 crore. While its current EBITDA margin dropped to -138.19%, its ROCE is at -74.84%.