Classplus, an education technology startup, announced it has raised $10 million in fresh funding led by Alpha Wave Incubation. Existing investors RTP Global and Blume Ventures also participated in the funding round, according to media reports.
As per Tofler, the regulatory documents showed that Alpha Wave Incubation has invested Rs 56.32 crore, while Blume Ventures and RTP Global have pumped in Rs 11.26 crore and Rs 7.5 crore, respectively.
Founded in 2017 by Bhaswat Agarwal, Bikash Dash, Mukul Rustagi and Vatsal Rustagi, Classplus is a mobile first SaaS platform that enables private coaching institutes to streamline their video distribution, payments, communication and online assessments through a single platform.
Recently, the business-to-business edtech firm raised $9 million led by RTP Global, along with participation from Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, and Strive. Times Internet, which is part of the Times Group that publishes The Economic Times, is also an investor in Classplus.
Entrackr, which first reported of Classplus’s latest funding, estimated that the company was valued at Rs 550 crore, an 83% growth compared to its valuation when it raised funds in May this year.
Edtech firms in India are turning out to be the first choice for investors to put their money. According to reports, Classplus is the latest in a line of Indian edtech firms that have shored up capital due to soaring valuations caused by the pandemic. Unlike most other sectors which have shrunk due to the virus outbreak, edtech has emerged as a winner as more students, teachers and schools shift to online learning.
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