Brightpoint Studios, a nascent venture founded by the minds behind Bengaluru’s vocational training startup, Vah Vah, has secured a significant funding round in anticipation of its imminent public launch. Industry insiders revealed that the startup has attracted $5-6 million in investments from prominent backers Peak XV and Nexus.
This development comes on the heels of the reported closure of Vah Vah, a startup that specialises in professional courses related to makeup and hair styling, in July. Having faced challenges in fundraising and sustaining a viable business model, Vah Vah opted to cease operations, leading to the unfortunate layoff of over 150 employees.
Unlike its predecessor, Brightpoint Studios is charting a different course, adopting a Thrasio-like model tailored explicitly for gaming apps. The startup has already made its first acquisition and plans to consolidate its position further by acquiring additional smaller companies. Insiders suggest that Brightpoint Studios is poised for an official launch in the coming weeks.
Notably, Vah Vah participated in the fifth cohort of Peak XV Partners’ accelerator program, Surge. The program included 22 other startups, such as Absolute, ADPList, ApnaKlub, and Belora. Unfortunately, like Vah Vah, Belora also faced closure due to challenges securing follow-on funds and devising a sustainable business model.
With its rebranding in June, Peak XV Partners, including Surge, has actively supported around 15 startups, with Neo’s $50 million investment standing out as the largest. On the other hand, Nexus has been gearing up to close a $700 million fund supporting US and Indian startups. In 2023, Nexus has already backed notable ventures like GigaMl and Wootz.work, SmartStaff, Kiwi, and CapGrid.
Because of queries sent to Peak XV, Brightpoint Studios’ founders, and Nexus, we haven’t gotten a response right at the time of reporting. So that you know – updates will be provided as the situation unfolds. The funding from Peak XV and Nexus positions Brightpoint Studios for an intriguing entry into the startup landscape, emphasizing the resilience and adaptability of entrepreneurial endeavours.
