[Funding alert] Classplus raises $1.6 M Pre-Series A funding from Times Internet, GREE Ventures, others
The company plans to use the funds to expand its product offerings, ramp up the leadership team and scale operations.Rashi Varshney
Delhi-based edtech startup Classplus has raised $1.6 million in a pre-Series A funding round led by Times Internet and GREE ventures. Japanese VC firm Spiral Ventures, and existing investor Rising Stars Fund from the Netherlands also participated in the funding round.
Launched in January 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile first SaaS platform that enables private coaching institutes and thier tutors to streamline their content distribution, payments, communication and online assessments through the app. Tutors can conduct online assessments on the app and identify students’ learning gaps and track their performance over the a period of time.
The company plans to use the funds to expand its product offerings, ramp up the leadership team, and scale its operations. It is also building a data science engine that will leverage data on students' learning patterns and enable predictive analysis on their assessment scores to prepare them better for competitive exams.
Mukul Rustagi, CEO and Co-Founder, Classplus said,
“The wave of internet penetration and smartphone access has opened up opportunities for tutor-led, tech-enabled learning and the market is ready to be disrupted by data-driven remediation. Classplus has emerged as the category leader in this segment with coaching centres using our mobile SaaS for their classroom courses as well as to distribute text and video learning modules online.”
Within 15 months of its launch, the company has built a base with over 1200 coaching centres as its clients across 50-plus Indian cities, it said in a statement.
Adding to this, Yasuhiro Seo, Founding Partner, Spiral Ventures, said the Indian coaching segment is a $20 billion market. "While there are a lot of firms working towards directly providing students with study material online, Classplus has taken a unique stand of empowering teachers with technology, which makes their business model scalable," he added.