[Funding alert] Edtech startup Classplus raises $2.5 M from Blume Ventures, Sequoia Surge
The edtech startup will use this funding to ramp-up its technology. Classplus plans to bolster its team strength across engineering, product and business.
Edtech startup Classplus has raised $2.5 million in a Pre-Series A round of funding from Blume Ventures and Sequoia Capital India’s rapid scale-up programme Surge.
The round also saw participation from marquee angels Kunal Shah, Founder of Cred and Freecharge; Alvin Tse, GM, Xiaomi-Indonesia; Eric Kwan, Partner at Locus Ventures; amongst others.
Mukul Rustagi, Co-founder of Classplus, said,
“We caught on to the smartphone internet wave pretty early and realised this might be the de-facto medium via which tutors and students would use the internet as a productivity tool in the future. This fund raise will be primarily used to ramp-up our technology. We are jumping orbitals and we welcome strong pilots to steer the rocketship. We are currently a team of over 150 and looking forward to bolster it across engineering, product and business verticals.”
Started in 2018 by Mukul Rustagi and Bhaswat Agarwal, Noida-based Classplus is a mobile-first SaaS platform that enables private coaching institutes and their tutors to streamline their content distribution, payments, communication, and online assessments through an app.
Tutors can even conduct online assessments on the app and identify students’ learning gaps and track their performance over time.
At present, Classplus claims to have a presence in over 50 cities, catering to more than 3,000 tutors teaching more than five lakh students on a regular basis, and drive pre-classroom and post-classroom engagement.
“At Blume, we are excited by Mukul and Bhaswat's vision of a platform that empowers the hundreds of thousands of tuition and test prep centres throughout India to better serve their students, thereby enhancing learning for students, and improving earning opportunities for these entrepreneurs who run these tuition and test prep centres”, said Sajith Pai, who leads EdTech investments at Blume Ventures.
Last year, the startup had raised $1.6 million from 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.
(Edited by Saheli Sen Gupta)
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