[Funding alert] Edtech startup Classplus raises $70M in Series D round from Tiger Global and Alpha Wave Global

The new round values Classplus close to $600 million, which is over 2X jump in the valuation from the previous round.
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Classplus, a B2B edtech startup that helps educators and content creators launch and scale their online coaching businesses, on Tuesday announced that it has rasied $70 million in a Series D round co-led by Alpha Wave Global and Tiger Global Management. This new round of growth capital follows the startups' $65 million Series C round eight months ago in June 2021.

The new round values Classplus close to $600 million, which is more than 2X jump in the valuation from the previous round. 

As part of the round, 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.

Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile-first SaaS platform that allows educators and content creators to build their online presence, digitise their offline tuition centres and sell their courses online.

It claims to have seen massive adoption from not just academic educators from K-12 and exam prep categories but also non-academic content creators from categories like fitness & lifestyle, personal finance, language training and programming amongst others.

Speaking on the new development, Mukul Rustagi, CEO and Co-founder, Classplus stated,

“We’ve come a long way to become the category leaders since we started back in 2018. But one thing that hasn’t changed in the last 4 years is our commitment towards changing the lives of millions of educators and their student base through technology. We’re fortunate and humbled to have the trust and blessings of thousands of educators, our teammates and our investors along the way. We invite everyone who feels the same to come and be a part of this amazing clan."

“We’ll be deploying the freshly infused funds to take our product up by notches and expand our presence globally. 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 by building bigger and stronger businesses.” Mukul added.

Sequoia-backed Classplus is an early mover ithe B2B edtech segment

With more than 75 percent of its educator base coming from tier II India and beyond, Classplus has seen more than 100K educators and content creators from 3000+ towns and cities of India already using the platform. A majority of its educators have witnessed a 2-3X increase in profitability within six months of adopting the platform, claims the startup.

“Over the last few years, Classplus has established itself as a market leader and has created a highly differentiated and sophisticated technology product, while building a robust management team. We like that the company can successfully cater to the large offline market of educators across segments such as K-12, test prep etc. We also see a significant improvement in end tutor economics as a result of using Classplus – this results in sector leading monetization and retention trends. It is therefore our privilege to double down on Classplus with our investment in this round.“, said Navroz D. Udwadia, Co-Founder, Alpha Wave.

Very recently, Classplus announced expansion in Southeast Asian markets including Singapore, Vietnam and Malaysia. Classplus recently appointed Manish Chawla, previously VP of Engineering at Zomato, as the CTO and Sankalp Aggarwal, previously Head of Finance at Gaana, as the CFO in January.

Edited by Anju Narayanan

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