Blume Ventures-backed edtech startup Classplus acquihires Merak.ai
Merak.ai, a data-entry automation solution., a Noida-based B2B edtech startup aimed at enabling offline coaching centres to take their business online, has acqui-hired Bengaluru’s
Passion Connect, the HR advisory unit incubated by Blume Ventures, introduced the Merak.ai team to Classplus in late April 2020. After several rounds of discussions, Classplus realised the potential the founder-team at Merak.ai has.
Vibhor Kalra, co-founder at Merak.ai, will be joining Classplus as the AVP, Product, as part of the move.
According to Vibhor:
"I'm looking forward to joining Classplus and working with Mukul and Bhaswat to enable millions of tutors to teach. Besides the fact that education in India is an underserved market in terms of technology products, and that the market itself is growing, what is most unique about Classplus is the rare insight the founders have discovered. I am really stoked to be a part of such a mission-driven and rapidly growing company."
(L-R) Bhaswat Agarwal and Mukul Rustagi, Co-founders, Classplus
Launched in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus recently raised Series A funding of $9 million in growth capital led by RTP Global, Blume Ventures, and Sequoia Capital India's Surge, amongst others. In February, the startup, which 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, also received $2.5 million in a Pre-Series A round.
Mukul Rustagi, CEO and Co-founder at Classplus, said,
"We felt great chemistry in our interactions with Merak.ai. Classplus is venturing into its growth phase, and we are always looking at partnering alongside dynamic individuals with strong fundamentals. We synergised well with the team and appreciate its experience of working with marquee customers, including Societe Generale, Swiggy, and PolicyBazaar amongst others during their time at Merak.ai.”
As per a recent survey by Nasscom on the impact of COVID-19 on Indian startups, it found that 40 percent of startups have either temporarily shutdown operations, or are on the verge of shutting down. However, the edtech sector has stood its ground during such unprecedented times. With schools and colleges remaining shut, a lot of edtech startups raised funding, including , , , , , and among others, as the demand for their services peaked during the lockdown period.