Brightpoint Studios, the brainchild of Muthukaleeshwaran Subbiah and Shailesh Daxini, former founders of Bengaluru-based vocational training startup Vah Vah, has successfully raised funds in preparation for its upcoming public launch. The funding, amounting to a substantial $6 million, is being led by Peak XV Partners and Nexus venture partners, according to insider sources close to the matter.
The co-founders of Brightpoint Studios, after reportedly shutting down Vah Vah in July, have embarked on a new journey with a focus on the burgeoning gaming app market. An anonymous source revealed that the startup plans to adopt a business model akin to the Thrasio approach, with an initial acquisition already under its belt and ambitions to assimilate more small gaming companies in the future. The official launch of Brightpoint Studios is expected to take place in the coming weeks.
The demise of Vah Vah earlier this year resulted in the unfortunate layoff of over 150 employees. Vah Vah, which initially specialized in professional courses in makeup and hair styling with plans for further diversification, struggled to secure funds and formulate a sustainable business model, ultimately leading to its closure.
Despite reaching out for comments, responses from the key players involved – Peak XV, Subbiah, and Nexus – were not immediately available at the time of reporting. The article will be updated promptly with any responses or additional information.
It is worth noting that Vah Vah was part of the fifth cohort of Peak XV Partners’ (formerly Sequoia Capital India) accelerator program Surge. This accelerator program included a diverse array of startups such as Absolute, ADPList, ApnaKlub, Belora, OneCode, PowerPlay, Pankhuri, Rara, and Delivery. Belora, another participant in the program, also faced operational challenges, leading to its closure, as reported by Entrackr in October.
Since its rebranding in June this year, Peak XV Partners, including the Surge initiative, has been actively supporting startups. The portfolio includes notable investments in Neo, Vaaree, Grapevine, Bright Money, Digantara, Pingsafe, Atlys, Plotch, and Ethereal Machines. Neo, in particular, secured an impressive $50 million investment, marking a significant milestone in terms of investment size.
Meanwhile, Nexus has been actively seeking to close a fund worth $700 million to back startups in both the United States and India. In 2023, the firm has already backed several startups, including GigaMl, Wootz.work, SmartStaff, Kiwi, and CapGrid, showcasing its commitment to fostering innovation and growth in the startup ecosystem.
As Brightpoint Studios gears up for its official launch, the startup landscape eagerly anticipates the unfolding of this new chapter, backed by the strategic investments from Peak XV and Nexus.