Edtech startup Classplus raises $70 million in funding as valuation jumps to $600 million

The new round of growth capital comes only eight months after the company
mopped up $65 million in June, last year.

As part of the latest round, Abu Dhabi-based Chimera Ventures has come in as a new investor while the existing backer, RTP Global, has doubled down and participated in the financing.

According to the company, it will deploy the fresh funds to expand its presence globally, while investing in new acquisitions and partnerships.

Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a software platform that allows educators and content creators to build their online presence, digitise their offline tuition centres and sell their courses online.

The company claims it has seen adoption from educators serving the kindergarten to grade 12 (K-12) as well as exam prep categories. Even non-academic content creators from sectors of fitness, lifestyle, personal finance, language training and programming have joined the platform, the company said.

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“We like that the company (Classplus) can successfully cater to the large offline market of educators across segments such as K-12, test prep, others.., said Navroz Udwadia, cofounder, Alpha Wave.

At present, Classplus said that 75% of its educator base comes 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.

The company also recently announced expansion into Southeast Asian markets including Singapore, Vietnam and Malaysia.

Since its inception, Classplus has raised $160 million and counts names such as Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, Strive, and Times Internet, among others as investors.

Classplus actively competes with Teachmint, which also enables teachers to create their own virtual classrooms. Teachmint recently
raised $78 million in October, last year, led by Rocketship.vc and Vulcan Capital. The round valued the startup at roughly $500 million.

Disclaimer:
Times Internet, is a part of the Times Group, which publishes ETtech, and is one of the investors in Classplus.