Edtech companies continue to mop up investments as investors’ interest in the segment is getting intense. While Unacademy, Vedantu and Eruditus are in talks to raise their next round, Noida-based Classplus has raised Rs 220 crore or $30 million led by GSV Ventures Fund.
Classplus has allotted 17,762 Series C1 Preference shares at an issue price of Rs 1,23,706 to raise Rs 220 crore or $30 million, regulatory filings show. US-based GSV has led the Series C round with Rs 108 crore and acquired 10.75% in the six-year-old company.
Existing investors Alpha Wave Incubation and RTP Global have put in Rs 73 crore and Rs 26 crore respectively. Its early backer Blume Venture has participated in the round with Rs 22 crore.
According to Fintrackr’s estimate, Classplus has been valued anywhere between Rs 1,000 crore to 1030 crore or $140 million.
It’s worth noting that the round is ongoing and the company is set to mop up $25 million more from Tiger Global in the Series C financing round. The edtech firm has been valued at nearly $140 million after allotment of this tranche, taking an 87% leap as compared to $74 million during its Series B round in September.
Classplus is like Shopify for coaching institutes and tutors and enables digital channels for coaching institutes and tutors. At present, it’s used by more than 8000 educators and more than 7 million students. The company competes with Google-funded Cuemath and Teachmint.
Since last year, Classplus has raised $48 million across three institutional rounds. Besides Blume, Sequoia Capital and Surge are its early investors.
Indian edtech ecosystem is going through its best phase when it comes to raising funds and their adoption among students and teachers. Byju had recently scooped up $340 million in a new round and became the highest valued startup in India with a valuation of $16.5 billion.