Edtech startup Classplus announces its second ESOP buyback for 150+ employees

Edtech startup Classplus today announced its second Employee Stock Ownership Plan (ESOP) buyback in three years. This will allow more than 150 employees across various roles and business verticals to liquidate their vested shares. 

Helping creators monetize their skills 

Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus has rapidly grown into a mobile-first SaaS platform that empowers creators to monetize their skills and content online.

The startup claims to have a presence in over 3,000 cities and serves more than 50 million students. The platform enables educators to conduct live classes, offer one-on-one consultations, and sell their own merchandise.

It also claims to have conducted 1.5 million live classes in the last twelve months and multiplied its earnings by 5-6 times by reaching out to students beyond their local geographies.

The Impact of the Buyback

The ESOP buyback not only underscores Classplus's commitment to its employees but also highlights the company's consistent growth and success in the edtech sector. 

“This ESOP buyback is a big moment for all of us. We started Classplus with the goal of creating value for everyone involved with us, right from our customers to our team and investors. It is truly gratifying to see that vision come to fruition”, said Mukul Rustagi, Co-Founder & CEO of Classplus.

Involvement of youngsters

According to Mukul, The youngest participant in the buyback is 23, and the average age of the 150+ eligible people is 28. “It’s also a chance for our younger team members to start building wealth early, something we’re really proud to offer. ESOP buybacks can seem infrequent in our industry, but we’re happy to show that they’re very much a part of Classplus’ plan," he added.

Classplus funding and investors 

Classplus has raised over $150 million in funding from global investors, led by Alpha Wave Ventures, Chimera Investment, Tiger Global Management, RTP Global, GSV Ventures, and Blume Ventures, among others. 

In March 2022, The startup raised $70 million in a Series D funding round at a valuation of around $700 million, making it a soonicorn startup. The Series D round was led by Alpha Wave Global, Tiger Global and other investors. 

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