Classplus’ revenue grows 3.3X to Rs 149 Cr in FY23


B2B edtech startup Classplus raised a $70 million Series D round at the start of FY23 with  the sizable infusion helping the Delhi-based company to hack a four-fold growth in its operating scale during the last fiscal year.

Classplus’ total revenue [operating and non-operating] grew 3.3X to Rs 149.2 crore in FY23 from Rs 45.4 crore in FY22, according to its consolidated financial documents filed with the Registrar of Companies (RoC).

Financials FY23


Operating Revenue

Total Expenses

Profit / Loss

Amount in ₹ Cr

Meanwhile, its operational revenue rose 4X to Rs 102 crore in the fiscal year ending March 2023 from Rs 25.9 crore in FY22. 

Classplus allows educators and content creators to monetise their student and fan-base by selling them online courses on a full-stack mobile solution. Income from the sale of subscription services was the primary source of income for Classplus in FY23. 

Despite a 4X growth in its scale, the company kept control on its overheads which increased 56.9% to Rs 256.6 crore in FY23. Comparatively, its overall expense ballooned 16X in FY22.

The company also has other income (non-operating) of Rs 47.13 crore from interest on deposits during FY23. Head to TheKredible to see the detailed revenue breakup of the company in the previous fiscal.

On the cost side, employee benefits accounted for 56.5% of the overall expenditure which soared 2.19X to Rs 229 crore in FY23. It also includes Rs 67.18 crore as ESOP cost (non-cash). Classplus’s advertising, legal, information technology, freelancers, and support services costs pushed its total expenditure by 93% to Rs 405.2 crore in FY23. 

Expense Breakdown

Total ₹ 209 Cr
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Total ₹ 405.2 Cr
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  • Employee benefits expense
  • Information technology expenses
  • Legal professional charges
  • Advertising promotional
  • Freelancers and support service fees
  • Others

Check TheKredible for detailed cost bifurcation of the company.

Its ROCE and EBITA margins stood at -32.62% and -156.62%, respectively. On a unit level, Classplus spent Rs 3.97 to earn a rupee of operating revenue during FY23.


FY22 FY23
EBITDA Margin -353.72% -156.62%
Expense/₹ of Op Revenue ₹8.07 ₹3.97
Roce -22.39% -32.62%

According to startup data Intelligence Platform TheKredible, Clssplus has raised over $160 million across 8 rounds. Alpha Wave is the substantial external stakeholder followed by Tiger Global, Blume, and RTP Global. Head to TheKredible to see its funding timeline and captable and valuation trend.

By providing the tools to educators rather than doing it on its own, Classplus has approached the edtech market from a new angle. While the numbers indicate significant success with getting users on board, it obviously has a long road ahead to continue user acquisition till the point profits flow in. The high initial investments, if seen as long term investments into these ‘relationships’ will deliver eventually, as building loyalty will be crucial. The metrics may not make for a pretty picture, but this is a firm that could be the surprise in the edtech pack yet. 

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