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Sunday, June 16, 2024

Abhinay Math secures funds from Classplus to grow its business

Classplus, an edtech firm, has invested an unknown sum in exam preparation portal Abhinay Maths. The funds will be used for business growth and expanding its footprint in tier 2 and 3 cities. The funds will also be used for branding to help the firm expand across the country.

Abhinay Maths will be able to strengthen its products by using Classplus’ software stack and knowledge in the curriculum space. The transaction will allow Classplus to diversify its portfolio and expand its user base.

Abhinay Maths, which Sharma founded in 2017 as a YouTube channel, has now expanded into a full-fledged test prep website primarily focused on competitive tests for government and banking positions. The firm, which had 1 million members within 8 months of its introduction, has released an app, which has so far served 2 lakh students from 500 cities and towns throughout the country.

Classplus, on the other hand, is a business-to-business (B2B) K-12 learning platform that provides educators with full-stack mobile solutions. Classplus, founded in 2018 by Bhaswat Agarwal and Mukul Rustagi, also assisted Abhinay Maths in the development of its app before becoming an investor in the latter.

Classplus claims to have serviced over a million instructors in 3,000 locations. The business has received roughly $160 million in investment over numerous rounds. Other notable investors include RTP Global, Blume Ventures, and Times Internet, among others.

Mukul previously said that categories including upskilling, vocational training, and test prep, particularly for government examinations, will stay popular with Indians and thrive this year.

Classplus received INR 474 Cr in fundraising from Alpha Wave Ventures, Tiger Global, and other investors over a year ago. Following a nod from the company’s board, Classplus was also widely rumoured to be preparing to purchase another test prep firm, Testbook, in September 2022.

Last year saw a massacre in India’s edtech sector when schools reopened and demand for online courses plummeted. Mourning losses and a high financial burn strategy also proved deadly, forcing numerous firms to close shop or be bought. Five of the eight Indian firms that ceased operations in 2022 were in the edtech space.

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