Edtech startup Classplus secures $9M funding to expand its product offerings
Classplus, a business-to-business (B2B) edtech startup, has secured $9 million in a Series A funding round. The round has been led by early-stage tech investor RTP Global. It has also seen participation from existing investors including Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures and Strive.
The fresh funds will be utilized by the company to improve its technology and expand its product offerings.
Launched by Mukul Rustagi and Bhaswat Agarwal in 2018, Classplus enables offline coaching institutes to take their businesses online. The Noida-headquartered startup claims that more than 3,500 coaching centres across 70 cities and towns in India use the platform.
Mukul Rustagi, Co-Founder and CEO, Classplus, said, “We are the category leaders in the segment, and the new fundraise will help us to serve more teachers with world-class product experience. India is home to the largest after-school tuition market in the world and delivery models keep evolving as we speak. As national examinations move online, so must after-school tuition practices, and this new round of capital is a testament to Classplus’ ability to digitise the ecosystem.”
Kirill Kozhevnikov, Partner at RTP Global, stated, “According to the Global Teacher Status Index by the Varkey Foundation in 2018, India was among the top-10 in the world in respecting teachers, though was in the last-10 in paying them. Classplus is liquidating this imbalance by empowering tutors with full-stack mobile solutions, while maintaining and further improving the high reputation of tutors.”