Edtech startups have been raising funds more often than other industries given the variability of the service in terms of reach and audience. Classplus, a Noida-based edtech startup is all set to begin its Series B round by receiving a backing of Rs 73 crore led by RTP Global. Other investors in the round include Sequoia’s Surge Ventures, Blume Ventures, Spiral Ventures and Strive Investment Partnership.
RTP Global would be the biggest contributor with investing Rs 30.16 Crore followed by Surge and Blume with Rs 15.08 crore and 15.03 crore respectively. Spiral is said to invest Rs. 9.8 crore and Strive is giving in Rs 2.26 crore. Other individual investors include Anand Chandrasekaran, Arpan Sheth and Aditya Shukla.
The promoter’s stake will come down to 29.6% from 39.25% after the series A round. Blume Ventures will be the second-largest stakeholder in the round with 15.89% stakes in their hands. Blume is followed by Surge and RTP Global at 13.23% and 10.14% respectively. The other investors will be in single-digits ownership of Classplus.
According to different sources, Classplus grow by 3.75 times after this funding round taking its total worth to approximately Rs 300 crore. In its Series A round, the startup raised about Rs 17.5 crores in January this year. The investors include Blume, Surge and Kunal Shah’s Innovation Labs. It was also part of Sequoia’s Surge 2.0 accelerator program.
Mukul Rustagi and Bhaswat Agarwal founded Classplus to create a SaaS enabled platform where private coaching institutes and their tutors can align the content distribution, payments, communication and online assessments. With 500,000 users and 3,000 teachers on their platform, Classplus is constantly innovating to make education easier for students. The reliability has increased on the system since the lockdown. The innovations will definitely benefit the organization in expanding business even further.