Delhi NCR-based EdTech frontrunner, Classplus, has reportedly secured $65 million in a Series C funding round led by Tiger Global, a U.S.-based investment firm. This marks the fourth round of funding closed by the startup during the last 15 months.
The round also saw participation from GSV Ventures, and the existing investors, including Blume Ventures, Alpha Wave Incubation (AWI), and RTP Global. Apparently, Classplus has, to date, raised around $85 million in funding, from investors such as Times Internet, Sourav Ganguly, a former cricketer, and the accelerator program Surge from Sequoia Capital.
For the uninitiated, Classplus, which was founded in 2020, provides mobile-first software to allow tuition centers, coaching institutes, and private tutors to turn their traditionally offline teaching into online classes. It serves a user base of close to 20 million students and employs 100,000 tutors from across 1,500 cities in India. Sources also reveal that about 80% of the educators operating on the platform belong to Tier-2 regions and beyond.
According to sources close to the company, a typical educator can increase its student base from 100 to 1200 students by using Classplus, in a span of 8 to 10 months. The platform has witnessed massive success stories of educators, who generated nearly five times their regular incomes within one year of their start up.
It has also been claimed that the company assists tutors in multiplying their profitability by 2 to 3 times in the first 6 months of deploying the platform. The software solutions from the startup also permit tutors to run their coaching, assessments, communication, payments, and student engagement programs with the help of their mobile solutions.
Classplus is anticipating using its capital raise in building its product capabilities, geographical penetration as well as for expanding its engineering team. It would also be aggressively hiring across the engineering, product, and business roles.