Software-as-a-Service platform for coaching institutes and tutors Classplus has raised $65 million in its Series C funding round led by Tiger Global Management.
GSV Ventures and the company’s existing investors including Alpha Wave Incubation (AWI), Blume Ventures, and RTP Global also participated in the round.
This is the fourth institutional funding round in the past 15 months alone for the Noida-based startup. Classplus had raised $2.5 million in its pre-Series A round in February 2020, $8.2 million Series A in May 2020, and $10 million in Series B in September 2020.
Commenting on the new development, Mukul Rustagi, Co-founder and CEO, Classplus, said,
“We are on a mission to ensure that every educator can go online and connect with their students across the world. The power of educators has historically been confined to their local neighborhoods. With Classplus, educators have been able to build and expand their online presence and monetize their content without any major investment and effort.”
The company said it will use the additional capital to build more products for educators, expand its engineering team, and enter into new markets.
Deborah Quazzo, Managing Partner, GSV Ventures, said,
“When lockdowns struck India, Classplus emerged as the critical infrastructure software for the $30 billion offline tutoring industry. With the platform growing nearly 10X in the last 12 months, GSV views it as a ‘Weapon of Mass Instruction’. Co-founders Mukul and Bhaswat are empowering tutors in India to go online, enabling them to build bigger and stronger businesses while also expanding access to localized education.”
Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus provides mobile-first software for coaching institutes, tuition centers, and private tutors to take their businesses online and streamline their communication, content distribution, payments, and online assessment, and other related activities all in one single platform.
The Shopify-like solution also helps coaching institutes and private tutors deliver their LIVE lessons, automate their daily tasks and run student engagement programs along with building and marketing their online courses.
Currently, Classplus is used by more than 8000 educators and over 7 million students. The startup claims that the overall profitability of educators increases by 2X to 3X within six months of getting onto its platform.