Noida-headquartered B2B edtech start-up Classplus has raised $70 million in its Series D funding round led by Tiger Global and Alpha Wave Global at a nearly $600 million valuation. The fresh funding comes nearly eight months after Classplus raised $65 million in June 2021.
As a part of the fresh fund raise, 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 NCR-headquartered company. The new round values Classplus close to $600 million, a more than 2X jump in the valuation from the previous round, the start-up said.
Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile-first SaaS platform that allows educators and content creators to build their online presence, digitise their offline tuition centres and sell their courses online. It has seen massive adoption from not just academic educators from K-12 and exam prep categories but also non-academic content creators from categories like fitness & lifestyle, personal finance, language training and programming amongst others.
“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 ”, stated Mukul Rustagi, CEO and co-founder, Classplus.
He added that the company will be deploying the freshly infused funds to scale product offerings and global expansion.
“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,” Rustagi added.
Recently, Classplus announced expansion in Southeast Asian markets, including Singapore, Vietnam and Malaysia. Classplus recently appointed Manish Chawla, previously VP of Engineering at Zomato, as the CTO and Sankalp Aggarwal, previously Head of Finance at Gaana, as the CFO in January.
“Over the last few years, Classplus has established itself as a market leader and has created a highly differentiated and sophisticated technology product, while building a robust management team. 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 monetisation and retention trends. It is therefore our privilege to double down on Classplus with our investment in this round," said Navroz D. Udwadia, co-founder, Alpha Wave.
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