As the coronavirus pandemic has halted onsite learning at school, colleges and tuition, edtech platforms have been witnessing a surge in their user database. Taking into account the demand of these platforms, investors have been aggressively putting their bets on these platforms.
Recently, Noida-based Classplus announced that it is set to go ahead with its new Series B funding round. The company is reportedly raising ₹73Cr in investment from a clutch of investors. The new funding round will be led by RTP Global along with Surge Ventures, Blume Ventures, Strive Investment Partnership and Spiral Ventures.
As per RoC regulatory filings, RTP Global will put in ₹30.16Cr while Sequoia’s Surge Ventures will invest ₹15.08Cr in the company. Existing investor Blume Ventures is reportedly investing ₹15.01Cr.
Other investors will make the rest amount of funding in the company. The upcoming funding round will see participation from a group of angel investors like Anand Chandrasekaran, Arpan Sheth, and Aditya Shukla who are contributing to the investment individually.
Earlier in January, the company had raised ₹17.5Cr as part of its Series A round. Blume Ventures, Surge Ventures, and Kunal Shah’s QED Innovation Labs had invested in the company at a valuation of around Rs 80 crore.
Founded by Mukul Rustagi and Bhaswat Agarwal in 2015, Classplus is a one-stop institute management technology platform for tutors, students, and parents to manage their day-to-day classroom-related activities efficiently. Classplus was also in Sequoia Capital’s ‘Surge 2.0’ accelerator program.
As of now, Classplus claims to have over 5,00,000 users and more than 3,000 teachers on the platform across India. It recently released new features to reach more students and educators.
Since students have been relying on online classes during the lockdown, it has been tying up aggressively with coaching classes and providing online lessons, tests, and multimedia content to students.
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