Edtech startup Classplus has bagged USD 70 million, about Rs 531 crore, in a funding round led by Alpha Wave Global and Tiger Global. As part of the series D funding round, Abu Dhabi-based Chimera Ventures has come in as a new investor while existing investor, RTP Global, has doubled down on their investment in the company.
The valuation of Classplus more than doubled to USD 600 million in the new round of funding, which comes 8 months after it raised USD 65 million in series C round in June 2021, the company said in a statement.
Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile-first software as a service (SaaS) platform that allows educators and content creators to build their online presence, digitize their offline tuition centres and sell their courses online.
The company plans to use the funds to enhance the product and expand Classplus’ global presence.
“We will be deploying the freshly infused funds to take our product up by notches and expand our presence globally. Going forward, we will also be investing in new acquisitions and partnerships that will enable us to continue delivering best-in-class experience to the educators and helping them create an impact in the education system by building bigger and stronger businesses,” Classplus CEO and co-founder Mukul Rustagi said in the statement.
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Classplus claims that over 1 lakh educators and content creators from over 3,000 towns and cities of India are already using the platform. The company recently announced expansion in Southeast Asian markets including Singapore, Vietnam and Malaysia.
We like that the company can successfully cater to the large offline market of educators across segments such as K-12, test prep etc. We also see a significant improvement in end tutor economics as a result of using Classplus this results in sector leading monetization and retention trends. It is therefore our privilege to double down on Classplus with our investment in this round,” Alpha Wave co-founder Navroz D Udwadia said.
