Noida-based Classplus, an edtech startup that helps teachers and content creators launch and scale their online coaching businesses, has raised $70 million in a Series D funding round at a valuation of around $600 million.
Alpha Wave Global and Tiger Global co-led the new round. Abu Dhabi-based Chimera Ventures and RTP Global also participated in the round. Prior to the current round, Classplus had raised $65 million as part of its Series C round in June last year co-led by Tiger Global, RTP Global, amongst others.
As part of the round, 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 edtech company, it said in a statement.
Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus operates as a mobile-first SaaS platform that allows educators and content creators to build their online presence, digitize their offline tuition centers and sell their courses online.
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.
At present, Classplus has 75% of its educator base from Tier 2 Indian cities and beyond. It serves more than 100,000 educators and content creators from over 3,000 towns and Indian cities, it 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," 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.