Edtech Startup Classplus Raises $62 Mn From Alpha Wave, Tiger Global

Delhi NCR-based edtech startup Classplus is raising INR 474 Cr (nearly $62 Mn) in a fresh round of funding led by existing investors Alpha Wave Ventures and Tiger Global, as per regulatory filings accessed by Inc42. 

Both Alpha Wave Ventures and Tiger Global will be pumping in INR 158 Cr (around $20.6 Mn).

Abu Dhabi’s Chimera Investment and existing investor TRP Global Partners are also participating in the round where Classplus is allotting a total of 11,251 Series E CCPS. The round size can further increase as more new investors chip in.

The new round, which seems to be Classplus’ Series D funding round, comes eight months after it had raised $65 Mn in Series C funding round. The Series C round was led by Tiger Global with participation from GSV Ventures, Alpha Wave Incubation, Blume Ventures and RTP Global. 

So far, Classplus has received $109 Mn funding from investors. 

Founded in 2018 by Bhaswat Agarwal and Mukul Rustagi, Classplus is a K-12 learning platform that offers full-stack mobile solutions to educators. It helps educators sell their online courses to students.

The Booming Edtech Space In India

Since the pandemic hit India, investments in the edtech sector have considerably increased. Ceasing offline classes, poor tech infrastructure, and non-reliance on traditional education methods were aftereffects of the pandemic that upthrust the Indian edtech space. 

Until September 2020, Byju Raveendran-led edtech unicorn BYJU’s and Gaurav Munjal-led Unacademy were the only edtech startups that entered the unicorn club. Post the pandemic, four new edtech startups, namely Eruditus, LEAD, upGrad, and Vedantu have joined the coveted club.   

Eruditus bagged $650 Mn funding led by SoftBank Vision Fund II and Accel US increasing its valuation to $3.2 Bn in August 2021. Vedantu also raised $100 Mn from its existing investors and Asian private equity fund pegging at a little over $1 Bn in August last year.

upGrad raised $180 Mn from IFC, Temasek and IIFL increasing its valuation to $1.2 Bn in August 2021. LEAD raised $100 Mn to enter the unicorn club at a $1.1 bn valuation in 2022 – the first unicorn startup of the year.

According to an Inc42 Plus edtech report, the Indian edtech market is poised to touch $10.2 Bn by 2025. In 2021 alone, edtech startups received nearly $4.7 Mn investments. 

The development was first reported by Entrackr.