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Classplus gains $70 million in funding as new valuation jumps to $600 million

Classplus raises $70 million in funding as valuation jumps to $600 million.

Under an NSSO survey, India has the world’s largest after-school tuition market. Every year, around 7.1 crore kids out of a total of 30 million attend supplemental coaching programmes. The majority of these coaching centres have repeated batches of 25 to 30 pupils. In this situation, it is hard for a tutor to keep track of each child’s progress. Furthermore, in addition to instructing, the tutor spends a significant amount of time preparing and verifying assignments, distributing classroom material, and other duties.

Classplus, an ed-tech business that assists instructors and content providers in launching online courses, has secured $70 million in a round-headed deal by Alpha Wave Global and Tiger Global. Following the most recent fundraising round, Classplus’s valuation is projected to be about $600 million. The fresh round of expansion funding arrives just eight months after the business received $65 million in June last year. Chimaera Ventures, located in Abu Dhabi, has joined the newest round as a new investor, while RTP Global, an existing supporter, has doubled down and joined the investment.

India's Classplus raises $70 million to help teachers and creators expand  their reach | TechCrunchIn September 2015, Mukul Rustagi (26) and Bhagwat Agarwal (26) founded Classplus (then known as XPrep). Classplus is a software-as-a-service platform that enables teachers to create their apps and expand their coaching company online. In 2015, the firm was established. Mukul Rustagi, Vatsal Rustagi, Bikash Dash, Nikhil Goel, and Bhaswat Agarwal are the company’s founders. Classplus is headquartered in Noida. Teachers may offer their lessons and study materials to students using this app. Teachers may keep track of attendance, administer tests, teach several live courses, generate assignments, maintain track of all student pay receipts, and get performance reports. 

The company’s primary purpose is to supply all of the resources that teachers need to teach effectively online. This programme will assist all teachers in creating an app that can handle attendance, tests, payments, reports, live classrooms, course sales, and much more. This allows teachers to spend less time on administration and more time teaching. As you can see, anything that can be done offline can now be done more effectively online. In India, there are millions of instructors who teach children in small villages and cities. They are one of the most preferred people to learn from in their respective communities. Their offline coaching is still going strong. 

However, in the past, these teachers have struggled to reach pupils who live just a few miles away. With the advent of smartphones and low-cost mobile connectivity, some instructors have begun to experiment with a range of technologies to record, broadcast, and monetise their classes, ranging from a spreadsheet processor to YouTube, Zoom, SurveyMonkey, and Instamojo. However, the experience of utilising so many tools is befuddling and inconvenient. Classplus’s revenue model is based on simple monthly fees. This platform’s subscription rates start at Rs 15,000 and go up to Rs 50,000. The fees are determined by the services that the teachers demand.

How Classplus is helping tutors manage their classes through an appAccording to the company, instructors from kindergarten to grade 12 (K-12) and test prep groups have reportedly used the software. The site has also attracted non-academic content providers from fields such as fitness, leisure, personal finance, language training, and programming. Classplus claims that 75 per cent of its educators are currently based in Tier 2 Indian cities and beyond. Over 100,000 educators and content developers from over 3,000 villages and Indian cities are served by it. Singapore, Vietnam, and Malaysia are among the Southeast Asian areas where the corporation has lately announced expansion.

Classplus has garnered $160 million in funding since its launch, with investors including Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, Strive, and Times Internet. The Times Group, which publishes The Economic Times, owns Times Internet. Teachmint, which also allows educators to establish blended learning, competes with Classplus. Teachmint raised $78 million in October of last year with Rocketship. VC and Vulcan Capital were leading the way. The startup was valued at around $500 million in that round.

classplus: Edtech startup Classplus gets $1.6 million in pre-series A - The  Economic TimesThe app makes extensive use of social media sites such as Instagram and Facebook to promote itself. It has also made several films on YouTube demonstrating how its platform has aided numerous teachers in going online. Sourav Ganguly is the Classplus brand spokesperson. In January, Classplus released a two-part series of advertisements with Saurav Ganguly, in which he describes the difficulties experienced by professors who teach offline. In the commercial, Saurav Ganguly discusses the app’s benefits and how online education is the way of the future. On the occasion of Women‘s Day, it recently produced a video ad highlighting the problems that women confront in the education profession. This campaign demonstrated that women are still subjected to gender stereotypes.

Rustagi, who is also the CEO, stated that the newly invested monies would be utilised to improve their product and extend their global footprint. They will also engage in additional acquisitions and collaborations in the future, allowing them to continue providing best-in-class experiences to educators while also assisting them in making an effect on the school system by growing and strengthening their companies.

Ryan International Group collaborates with Toppr to accelerate adoption of  School OS - Express ComputerBack in 2007, Mukul Rustagi and Bhaswat Agarwal were both students at the same IITJEE tutoring institution in New Delhi, which closed ten months before the exam date. Because the founders of the coaching institute found it challenging to maintain track of their student’s performance and attendance as their numbers grew, they decided it was time to embrace technology.

That’s when Rustagi and Agarwal understood they needed to construct and expand B2B EdTech products to help instructors and students solve problems. In terms of graduation, Rustagi attended IIT-Roorkee while Agarwal attended Netaji Subhas Institute of Technology in Delhi. Later in 2015, they partnered together to collaborate, and by 2018, they had founded Classplus.

Edited by Prakriti Arora

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