B2B edtech startup Classplus is in late-stage talks to raise $80 million in a new round co-led by existing investors. This is the Noida-based startup’s fifth funding round in the last two years.
“Alpha Wave Global and Tiger Global will lead the Series D round along with the participation of other existing backers and a Middleeast fund,” said one of the people requesting anonymity.
Surge from Sequoia Capital, Times Internet, Blume, and GSV Ventures are among the company’s current backers. Tutors can use Classplus’s full-stack mobile solution to manage all of their coaching, communication, assessments, payments, and student engagement programmes.
“The term sheet has been signed and Classplus is likely to be valued at around $600 million,” said the person quoted above. This will be a 2X jump in the company’s valuation as compared to the previous round. According to Fintrackr, it was valued at $250 million in June 2021.
Classplus has received approximately $90 million in total funding to date. It had raked in a $65 Series C round in June, led by Tiger Woods.
Classplus, Tiger, and Alpha Wave did not respond to queries sent to them right away. If they respond, we’ll update the storey.
Classplus is a mobile platform for educators and content creators to launch their online teaching businesses, founded by Mukul Rustagi and Bhaswat Agarwal. It claims to have digitised over 1 lakh tutors serving 20 million students across 1,500 cities. According to the company’s website, tier II and III cities account for more than 80% of its user base.
Besides India, Classplus is set to expand in Southeast Asian markets including Singapore, Vietnam and Malaysia.