the acquisition will likely be across IndiaThe United States of americaThe UKThe Middle East and Southeast Asia.
“We have already acquired something like Education 10X, and it is performing very well. This has given us more confidence to double our acquisitions,” Bhushan said. “We are in the final stages of discussions with a tech startup here in India and will close the deal soon.”
However, he declined to share details of possible deals. He said the market opportunity is bigger than expected.
Brightchamps acquired Education 10X in February in a stock and cash deal. Financial terms were not disclosed.
Bhushan said the investment for the acquisition would be in phases.
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“We are going aggressive on this (inorganic expansion) and if the market conditions persist, we are looking to spend this money in two-three quarters from now,” he said.
Founded in 2020 by Bhushan, an IIT-Varanasi graduate, Brightchamps offers online courses on programming, artificial intelligence, design thinking and financial literacy to children in the age group of 6-16 years.
It is currently operational in over 30 countries including the United States, Canada, United Arab Emirates, Saudi Arabia, Indonesia, Malaysia, Thailand and Nigeria.
The edtech startup has raised $63 million since inception. Its investors include the investment office of Premji Invest.
Founder-Chairman Azim Premji, edtech-focused investor GSV Ventures, Flipkart co-founder Binny Bansal-backed 021 Capital and Singapore-based venture fund Binext.
In November, it had an annual revenue run rate of $10 million.
Bhushan declined to share the company’s latest financial position.
While most of its business is from outside India, the startup is looking to acquire edtech firms here in life-skills verticals, product-based distribution platforms and other areas.
Bhushan said that recently the firm also launched robotics vertical RoboChamps, which is working on learning life skills at low 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 financing.