[Funding alert] Edtech startup Classplus raises $9M in Series A round led by RTP Global
Classplus, a B2B edtech startup, on Monday said it has raised $9 million (over Rs 68 crore) in funding led by RTP Global.
The series A round also saw participation from existing investors including Blume Ventures, Sequoia Capital India's Surge, Spiral Ventures, and Strive.
"The capital infusion will be used to improve the technology while expanding the product offerings. The platform is currently used by more than 3,500 coaching centres across over 70 cities and towns in India, a majority of which are non-metropolis in nature," a statement said.
Classplus is expanding its product, engineering, and business teams, including strategic leadership to drive expansion as it scales rapidly, it added.
Classplus enables offline coaching institutes to take their businesses online. The company aims to provide technology to the massive but highly fragmented market, by helping tutors run all their communication, payments, practice tests, schedules, and online learning programmes on their smartphones.
The platform is also working with content publishers to establish easier access to online assessments for the ecosystem.
"We are the category leaders in the segment, and the new fundraise will help us to serve more teachers with a world-class product experience. India is home to the largest after-school tuition market in the world and delivery models keep evolving as we speak," Mukul Rustagi, Co-founder and CEO of Classplus, said.
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.
Earlier in February, the edtech startup 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.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Megha Reddy