Exclusive: Vah Vah founders' new startup raises funds from Peak XV and Nexus

Brightpoint Studios, a new startup incorporated by co-founders of Bengaluru-based vocational training startup Vah Vah, has raised funds ahead of its public launch, according to sources aware of the development.

"Peak XV and Nexus are leading a new round to the tune of $5-6 million in Brightpoint. The term sheets already have been signed and both investors agreed to invest in the company," said a source requesting anonymity.

In July, Muthukaleeshwaran Subbiah and Shailesh Daxini reportedly shut down their startup Vah Vah and laid off more than 150 employees.

Vah Vah used to offer professional courses in makeup and hair styling, with plans to expand to other vocational skill sets. However, the startup failed to raise funds and couldn't find a sustainable business model and later decided to halt its services.

"Brightpoint Studios will be similar to Thrasio model for gaming apps. It has already acquired a company and will take over more such small companies in the future," said another source. The person requested anonymity.

As per sources, Brightpoint will launch officially in a few weeks from now.

Queries sent to Peak XV, Subbiah and Nexus did not elicit an immediate response. We'll update the post in case they do.

Vah Vah was a part of the fifth cohort of Peak XV Partners' (formerly Sequoia Capital India) accelerator program Surge. Besides Vah Vah, 22 more startups including Absolute, ADPList, ApnaKlub, Belora, OneCode, PowerPlay, Pankhuri, Rara and Delivery, also were part of the accelerator program.

It's worth mentioning that Belora also shut down its operations as it didn't manage to raise follow-on funds and failed to figure out a business model. Entrackr had exclusively reported the development in October.

Since its rebranding in June this year, Peak XV Partners including Surge has backed nearly 15 startups such as Neo, Vaaree, Grapevine, Bright Money, Digantara, Pingsafe, Atlys, Plotch, and Ethereal Machines. Neo's $50 million investment was the largest in terms of investment size.

Nexus was looking to close a $700 million worth fund to back US and Indian startups. In 2023, it backed GigaMl, Wootz.work, SmartStaff, Kiwi, and CapGrid, among others.

Reference : https://entrackr.com/2023/11/exclusive-vah-vah-founders-new-startup-raises-funds-from-peak-xv-and-nexus/

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Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm.

This release was published on openPR.