Indian Economy News

Edtech platform Classplus raises US$ 9 million in Series A round led by RTP Global

Classplus, a business-to-business (B2B) edtech startup, has raised US$ 9 million in a Series A funding round, led by early stage tech investor RTP Global. The round also witnessed the participation from existing investors including Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures and Strive.

The company is headquartered in Noida and provide supports to offline coaching institutes to take their businesses online. The start-up plans utilise these funds to improve its technology and expand its product offerings. It is also expanding its portfolio in product, engineering and business teams, and also working with content publishers to create easier access to online assessments.

Currently, there are over 3,500 coaching centres across 70 cities and towns in India that uses the platform. Classplus was launched in 2018 by Mr Mukul Rustagi and Mr Bhaswat Agarwal.

"We are the category leaders in the segment, and the new fund raise will help us to serve more teachers with a world-class product experience. India is home to the largest after-school tuition market in the world and delivery models keep evolving as we speak. As national examinations move online, so must after-school tuition practices, and this new round of capital is a testament to Classplus’ ability to digitise the ecosystem," said Mr Rustagi, co-founder and CEO of Classplus.

Mr Kirill Kozhevnikov, Partner at RTP Global, said, "According to the Global Teacher Status Index by the Varkey foundation in 2018, India was among the top-10 in the world in respecting teachers, though was in the last-10 in paying them. Classplus is liquidating this imbalance by empowering tutors with full-stack mobile solutions, while maintaining and further improving the high reputation of tutors."

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.