Noida-based Classplus, an edtech startup that assists teachers and content creators in launching and scaling their online coaching businesses, has raised $70 million in a Series D fundraising round, valuing the company at roughly $600 million.
The new round was co-led by Alpha Wave Global and Tiger Global. Chimera Ventures and RTP Global, both based in Abu Dhabi, also took part in the financing. Prior to this transaction, Classplus had raised $65 million in a Series C investment headed by Tiger Global, RTP Global, and others in June of last year.
According to a statement, Abu Dhabi-based Chimera Ventures has joined the round as a new investor, while previous investor RTP Global has increased their stake in the NCR-based edtech startup.
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 was founded in 2018 by Mukul Rustagi and Bhaswat Agarwal.
With this round of funding, The startup will focus on global expansion and investing in acquisition and partnership. “We’ll also be investing in new acquisitions and partnerships that will enable us to continue delivering a best-in-class experience to the educators and helping them create an impact in the education system by building bigger and stronger businesses.” Mukul said.
Classplus currently employs 75% of its educators from Tier 2 Indian cities and beyond. According to the company, it serves over 100,000 instructors and content providers from over 3,000 villages and Indian cities.
“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,” said Mukul Rustagi, CEO & Co-founder, Classplus.
Speaking on the investment, Navroz D. Udwadia, Co-Founder, Alpha Wave, said: “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 monetization and retention trends,” Navrox adds.