Classplus, an edtech platform that helps educators and content creators launch and scale their online coaching businesses, announced that it has raised $70 million as a part of its Series D round co-led by Alpha Wave Global and Tiger Global Management.
The round also witnessed participation from a new investor, Abu Dhabi based Chimera Ventures, with existing investor, RTP Global.
With this round, the startup’s valuation is close to $600 million, which is a more than 2X jump in the valuation from the previous round.
The Noida-based firm plans to deploy the fresh funds to go deeper into smaller Indian cities and towns and broaden its product offerings to further enrich teachers and creators’ needs.
Co-founded by Mukul Rustagi and Bhaswat Agarwal in 2018, Classplus is a mobile-first SaaS (software-as-a-service) platform that allows educators and content creators to build their online presence, digitise their offline tuition centres and sell their courses online.
The company is transforming the world of education by powering educationalists with the digital tools and resources that help them become future-ready. Its industry-first unified platform lets coaching institutes have their own app to manage all their tasks and reach lakhs of students across the country with next-level technology.
Commenting on the latest development, Co-founder and CEO of Classplus, Mukul Rustagi, said,
“We’ve come a long way to become the category leaders since we started back in 2018. But one thing that hasn’t changed in the last 4 years is our commitment towards changing the lives of millions of educators and their student base through technology. We’re fortunate and humbled to have the trust and blessings of thousands of educators, our teammates and our investors along the way. We invite everyone who feels the same to come and be a part of this amazing clan.”
Mukul further added:
“We’ll be deploying the freshly infused funds to take our product up by notches and expand our presence globally. Going forward, we’ll 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.”
Since its launch, the startup has seen massive adoption from educators teaching academic courses across K-12 and test prep as well as content creators from non-academic categories like lifestyle, personal finance, and programming.
Co-founder of Alpha Wave, Navroz D Udwadia, added:
“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.”
Classplus claims that more than 75% of its educator base comes from tier-2 and lower cities in India. The platform also claims that it has onboarded over 100,000 educators and content creators from more than 3,000 towns and cities in India on its platform. It added that many educators have witnessed a 2-3X increase in profitability within six months of adopting its platform.
The startup recently announced expansion into Southeast Asian markets including Singapore, Vietnam and Malaysia.
Classplus had last raised $65 million in its Series C funding round led by Tiger Global Management, GSV Ventures, and Alpha Wave Global in June 2021. The company has raised $160 million and counts names such as Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, Strive, and Times Internet, among others as investors, since its inception.