SaaS-based ed-tech startup Classplus has reportedly raised USD 70 million in Series D funding from asset management firm Alpha Wave Global and investment company Tiger Global Management LLC, bringing its valuation to USD 600 million, which is more than twice its worth from just 8 months ago.
Furthermore, investment management firm Chimera Capital LLC has onboarded the ship, with participation from current investor venture capital firm RTP Global.
Sources claim that the fresh funds will be utilized to expand internationally and invest in new alliances and mergers that will empower them in supplying the finest experience.
The B2B startup, which facilitates content creators and educationalists to build online tutoring businesses, previously raised USD 65 million in June 2021 during its Series C funding.
Classplus is a mobile-first software-as-a-service platform founded by Mukul Rustagi and Bhaswat Aggarwal in 2018 that enables creators in digitizing their offline classes and selling their coursework online.
Notably, the startup has gained widespread acceptance from academic educators ranging from K-12 to exam preparation categories, as well as non-academic verticals such as personal finance, fitness & lifestyle, and language training & programming.
Mukul Rustagi, CEO and co-founder, stated that the company's commitment to using technology to improve the lives of multiple learners and instructors has not changed since its inception in 2018.
Navroz D. Udwadia, the co-founder of Alpha Wave, expressed his excitement about becoming an investor in Classplus, declaring that the startup has emerged as a market leader due to its refined technology and sturdy top management.
It is worth noting that Classplus has over 100,000 educators from 3,000 towns, with more than 75% of its teachers hailing from India's tier-2 cities. The majority of these innovators have seen a 2-3 fold increase in profit in just 6 months.
With the appointment of Manish Chawla (previous Engineering VP at Zomato) as CTO and Sankalp Aggarwal as CFO in January 2022, the company recently confirmed expansion plans into Southeast Asian markets such as Malaysia, Vietnam, and Singapore.
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