Classplus, B2B (business-to-business) startup helping educational institutions go online, on Thursday said it has raised $65 million(about Rs 482.3 crore) in a Series C round, led by Tiger Global. GSV Ventures, along with existing investors Alpha Wave Incubation(AWI), Blume Ventures and RTP Global also participated in the round.
Founded by Bhaswat Agarwal and Mukul Rustagi in March 2018, Classplus has digitised over one lakh tutors across 1,500 cities serving more than 20 million students. Classplus app allows tutors to run all their coaching, communication, assessments, payments, and student engagement programmes through a full-stack mobile solution.
Besides taking them online, Classplus also enables educators to sell their online courses to grow their business outside their localities.
Classplus had raised $9 million in its Series A funding round led by RTP Global. This new round of Series C funding is a testimony of Classplus’s strong growth trajectory and undisputed market leadership. This is the fourth round of funding raised by the company in last 15 months. Times Internet and Sequoia Capital’s Surge have been early backers of Classplus.
Mukul Rustagi, Co-Founder and CEO of Classplus said. “We are on a mission to ensure that every educator can go online and connect with their students across the world. The power of educators has historically been confined to their local neighbourhoods. With Classplus, educators have been able expand their online presence, and monetise their content without any major investment and effort”.
Coaching centres use Classplus to launch cohort-based live courses, streamline their communication, and manage student communities via the platform. The SAAS solution also helps them deliver live lessons, automate daily tasks, run student engagement programmes along with building and marketing online courses. With over 80% of the user base coming from tier-2 towns and beyond, the platform has been hugely helpful for educators throughout the pandemic.
Sourav Ganguly, president of BCCI has also invested in the company and is their brand ambassador.
“We feel fortunate to partner with marquee investors who believe in serving the global Edtech market from an educator-first angle. With this growth financing, we aim to build great engineering teams, build the best-in-class products for educators, and grow geographically. We are hiring aggressively across product, engineering, and business roles”, added Mukul Rustagi.
The edtech space has seen a strong growth globally since the COVID-19 pandemic. A number of offline classes went online for the continuity of education while ensuring adherence to social distancing norms.