BrightCHAMPS posted a loss of INR 98.7 Cr in FY22 as against a loss of INR 3.5 Cr during July 7, 2020 to March 31, 2021 period
FY22 was BrightCHAMPS’ first full year of operations. Its operating revenue jumped to INR 22.5 Cr from INR 2 Cr in the previous year
Advertising and marketing expenses surged over 20X to INR 42.4 Cr in FY22 as against INR 2.1 Cr in the reporting period of FY21
Goa-based edtech soonicorn BrightCHAMPS reported a 28X year-on-year (YoY) rise in its standalone loss to INR 98.7 Cr in the financial year 2021-22 (FY22) on the back of a sharp rise in expenses.On the expenses front, BrightCHAMPS spent a total of INR 121.1 Cr in FY22, almost a 21X jump from INR 5.8 Cr spent in the previous reporting year.The increase was in line with the startup’s announcement during its last funding round in November 2021. After raising $63 Mn in the round, led by Premji Invest, GSV Ventures, 021 Capital, Beenext, and Binny Bansal, at a valuation of $500 Mn, BrightCHAMPS had said it would further expand its team across product, growth, technology, content, sales, operations, marketing, and business development.
The startup had reported a net loss of INR 3.5 Cr in FY21. However, the financial statements for FY21 only reflected the number for about a nine-month period from July 07, 2020 to March 31, 2021 as FY22 was the first full year of operations for the edtech startup, founded in July 2020 by Ravi Bhushan.