Edtech Startup BrightCHAMPS has acquired Singapore-based children’s live learning platform Schola in a $15 Mn cash and stock transaction. The deal marks the second acquisition of BrightCHAMPS following the acquisition of Education10x, in February 2022.
Founded in 2019 by Aditya Gupta and Nhu Tran Le Thanh, Schola is a platform that provides various lessons in a one-on-one classroom model for children aged 4-15. These courses include communication and public speaking among others.
Founded in 2020 by Bhushan, BrightCHAMPS offers certificate courses around practical skills like coding, creative thinking, and social collaboration to K-12 students.
Ravi Bhushan, Co-founder and CEO of BrightCHAMPS, said, “We’re thrilled to welcome Schola to the growing BrightCHAMPS family. Given Schola’s profitability and sustainable growth approach with low cash burn, we already know that there is great synergy between the two companies operating models. I am confident that with Aditya and Nhu at the forefront, not only will Schola deepen our presence in the 30+ countries we’re already operational in, but will also help us introduce BrightCHAMPS to many other parts of the world.”
Aditya Gupta, Co-founder and CEO,of Schola, said, “We hope that the combination of BrightCHAMPS’ brand equity and our subject-matter expertise will help Schola lead the world in the communications live-learning space. We look forward to expanding our presence beyond the 12 countries we are currently operational in the months to come.”
The startup’s valuation hit $500 Mn less than a year after its founding when it raised $63 Mn last November from big-name investors including Premji Invest, GSV Ventures, Binny Bansal, 021 Capital, and BEENEXT. BrightCHAMPS is currently valued at $650 Mn.
The Schola acquisition also plays a role in BrightCHAMPS’ international expansion plans; Bhushan said in November 2021 that edtech soonicorn is looking to expand overseas, and Schola has operations in 12 countries. The startup claims to have over 300,000 students and over a thousand teachers on its platform.
Earlier this year, BrightCHAMPS made headlines by becoming the first edtech startup in India to accept cryptocurrency payments.
Edtech startups in general have had a rough 2022 so far. In the midst of a funding crisis, there have been layoffs and closures in the edtech space. Two edtech startups, Crejo.Fun and Udayy, have shut down, while startups in the edtech space have laid off nearly 4,100 employees.