Noida-based Software-as-a-Service platform for coaching institutes Classplus has raised a fresh capital in its Series A funding round led by international venture capital firm RTP Global.
Other investors like Sequoia’s Surge Ventures, Blume Ventures, Strive Investment Partnership and Spiral Ventures also participated in the round.
According to reports, Classplus floated an offer to raise Rs 73 crore ($9.6 million) last month, of which the company has received Rs 62.57 crore ($8.2 million) in the round. According to regulatory filings, lead investor RTP Global will invest Rs 30.16 crore, while Surge Ventures will put in Rs 15.08 crore, and Blume Ventures Rs 15.03 crore. Spiral and Strive will participate with Rs 9.8 crore and 2.26 crore respectively. Besides the above, angel investors like Anand Chandrasekaran, Arpan Sheth and Aditya Shukla were also said to be participated in the round.
Meanwhile, the latest investment comes in after the company raised $2.5 million in Pre-series A round from Blume Ventures with others in February this year. Classplus has also raised an undisclosed amount of funding from Blume in October 2019, and earlier from Times Internet and TLabs as well.
Founded by Mukul Rustagi and Bhaswat Agarwal, Classplus provides mobile-first software for coaching institutes, tuition centres and private tutors to take their businesses online and streamline their communication, content distribution, payments, and online assessment, and all other related activities. It brings tutors, students and parents on one single platform for better communication.
Classplus provides tutors and coaching centres to communicate, share information, notes, assignments, collect fees, manage cash/cheque collection, conduct online tests with automatic checking, share live attendance, and keep parents updated about their child’s presence and performance, and more. All these in a single portal, allowing the management to focus on classroom teaching while reducing their time spent on managing other aspects of the business.
Currently, the company claims to have over 500,000 users and more than 3,000 tutors on its platform across 50+ cities in India. Classplus is building products for the future of coaching institutes. While many edtech platforms are only focused on learning experience and on students, this startup wants to tap digital tools to improve productivity for all stakeholders. Being born out of an urge to redefine classroom engagement in the country, Classplus constantly works to simplify tutor’s activities, personalize kid’s learning, and notify parents continually.