Classplus has raised $70 million in its most recent round of fundraising. The funds will be used to expand the edtech startup’s global presence, as well as to fund new acquisitions and collaborations.
Bengaluru-based edtech startup Classplus, which assists educators and content creators in launching online courses, has raised $70 million in its most recent round of funding, which was co-led by Alpha Wave Global and Tiger Global.
Following the newest fundraising round, Classplus’ valuation is believed to be around $600 million.
The latest round of growth funding comes just eight months after the company raised $65 million in June of last year.
Chimera Ventures, based in Abu Dhabi, has joined the newest round as a new investor, while old backer RTP Global has doubled down and participated in the fundraising.
The fresh funds will be used to expand Classplus’s global reach while also investing in new acquisitions and collaborations, according to the company.
Mukul Rustagi co-founded Classplus in 2018 with Bhaswat Agarwal. The startup serves as a software platform that helps educators and content creators to develop their online profile, digitise their traditional tuition facilities, and offer their courses online.
According to the corporation, it has experienced acceptance from instructors teaching kindergarten through grade 12 (K-12) as well as exam prep groups. Non-academic content producers from fields such as fitness, lifestyle, personal finance, language training, and programming, according to the company, have joined the platform.
“We feel that the firm (Classplus) can effectively serve to the enormous offline market of educators across areas such as K-12, test prep, and others,” said Alpha Wave cofounder Navroz Udwadia.
Classplus now claims that 75 percent of their teaching base originates from Tier 2 Indian cities and beyond. It serves over 100,000 educators and content providers from over 3,000 Indian villages and towns.
Furthermore, the company has said that it intends to grow into Southeast Asian markets such as Singapore, Vietnam, and Malaysia.
Classplus has garnered $160 million in funding since its launch, with investors including Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, Strive, and Times Internet.
Teachmint, which also allows teachers to establish their own virtual classrooms, competes with Classplus. Teachmint just raised $78 million in October of last year, with Rocketship.vc and Vulcan Capital leading the way.