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B2B edtech startup Classplus on Tuesday said it has raised $70 million in a Series D round co-led by Alpha Wave Global and Tiger Global.
Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile-first SaaS (software-as-a-service) platform that allows educators and content creators to build their online presence, digitise their offline tuition centres and sell their courses online.
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The startup said that funds will be used to enhance the product and expand its global presence. Classplus recently announced expansion in Southeast Asian markets, including Singapore, Vietnam and Malaysia.
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The new funding round came eight months after Classplus raised a $65 million series C funding in June last year.
“Going forward, we’ll also be investing in new acquisitions and partnerships that will enable us to continue delivering best-in-class experience to the educators and helping them create an impact in the education system,” said Rustagi.
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 company.
The new round values Classplus close to $600 million, a more than 2 times jump in the valuation from the previous round.
Classplus has digitised over 1 lakh educators across 3,000 towns and cities serving more than 25 million students.
A majority of its educators have witnessed a 2-3 times increase in profitability within six months of adopting the platform, claimed the startup.
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