B2B edtech startup Classplus has raked in $65 million in its Series C round led by Tiger Global. GSV Ventures, Falcon Edge’s AWI, Blume Ventures and RTP Global also participated in the round.
This is the fourth round of funding raised by the Noida-based company in the last 15 months. Sequoia Capital’s Surge, Times Internet and BCCI President Sourav Ganguly also invested in the company in its previous round.
Entrackr had exclusively reported about the upcoming investment from Tiger Global and GSV Ventures in Classplus’ Series C round in June and April, respectively.
While Classplus did not disclose its valuation, sources aware of the development pegged it in the range of $200 million. According to Fintrackr’s estimates, it was valued at around $140 million when it raised the first tranche of Series C round led by GSV Ventures.
The fresh proceeds will be deployed towards expansion, ramping up hiring across engineering, operations and business development.
Founded by Mukul Rustagi and Bhaswat Agarwal in 2018, Classplus allows tutors to run all their coaching, communication, assessments, payments, and student engagement programmes through a full-stack mobile solution.
The company also enables educators to sell their online courses to grow their business outside their localities.
Since its inception, Classplus claims to have digitised over 1 lakh tutors across 1,500 cities serving 20 million students. According to the company, over 80% of its user base comes from tier II and III cities.
This is the 11th investment by Tiger Global in a Sequoia-backed startup in 2021. Earlier this week, the New York-based fund had co-led a $25 million round in fintech startup Progcap. The full list includes Kutumb, Apna, Moglix, Groww, CRED, Innovaccer, GoMechanic, Plum and Coinswitch Kuber.