Bhanzu raises $15 million in Series A funding led by Eight Roads
- ByStartupStory | September 21, 2022
Bhanzu, a Math-focused edtech platform has raised 119.8 crore in funding round led by Eight Roads Ventures. B Capital also accompanied the Series A round along with existing investor Lightspeed. This would be the second investment round for the Hyderabad-based company in the last seven months.
The board at Bhanzu has passed a special resolution to issue 1 equity share and 25,634 Series A compulsory convertible preference shares (CCPS) at an issue price of Rs 46,717 each to raise Rs 119.8 crore or $15 million.
Eight Roads Ventures has successfully led the round with Rs 87.82 crore or $11 million. B Capital and existing investor Lightspeed invested $2 million each.
Bhanzu also enlarged its ESOP pool by 3,042 options to 20,952 options. With regards to the data, the fresh option is worth Rs 14.2 crore, whereas the total value of the company’s ESOP pool builds up to Rs 98 crore.
Four world records and 50 Limca records are held by Neelakanta Bhanu Prakash, the founder of Bhanzu, for being the fastest human calculator in the world.
The company has been valued at around Rs 836 crore or $105 million (post allotment). Prominently, Bhanzu’s valuation rose up over 10X as it was valued at around $10 million in its seed round.
Following this round, its founder Prakash holds 38.62% stake followed by Lightspeed and Eight Roads with 18.59% and 10.5% stake respectively. J. Srinivas, Alluru Uday Kiran, Devulapalli Lakshmi Prachotan, and J Sai Srinivas Krishnakanth own 3.75% shares each
Currently, Bhanzu has successfully raised $17 million including a $2 million in its maiden funding round from Lightspeed and a host of angel investors such as Nitin Gupta, Gaurav Munjal, Kunal Shah, Maninder Gulati and Biswa Kalyan Rath.
While Bhanzu has not yet disclosed its FY22 numbers, it was a pre-revenue stage company in the fiscal year ending March 2021. According to its yearly financial statement with the RoC, the company posted operating revenue of Rs 5.5 lakh and churned Rs 1.1 lakh in profit.
Bhanzu helps with providing experiential math learning courses which enables cognitive abilities among children aged between 5 to 16 years. According to the company’s website, it has trained over 30,000 students through its bouquet of courses.
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