Home EdTech Classplus acquires USD 10.01 million funding in its first tranche

Classplus acquires USD 10.01 million funding in its first tranche

Classplus, the B2B pinpointed edtech startup, has received a funding of USD 10.01 million sponsored by Alpha Wave Incubation in its first portion for its progressing funding round on 18th September 2020.

This is the second time the venture has received funding after the Delhi-NCR(India) originated startup got into fundraising action. The startup got launched in 2015 and has already collected USD 9 million funding in its Series A round in May. It simply highlights how much investors are paying attention to technology cum education-based startups in India.

About the startup Classplus

Rich results in Google's SERPs when searching for 'classplus'
Classplus founded by Mukul Rastogi and Bhaswat Aggarwal

Classplus a mobile and web-based platform that came into existence in the year 2015, delivering educational services backed by technology. They cover live attendance, student reports, parent communication, fee record, online courses, online tests, class management, privacy control, in addition to cloud storage under their domain of online institute management. The platform has already made its presence in approx 100 cities and is in use by more than 10,000 coaching institutes. The very purpose of Classplus is to bring the offline institutes on an online platform and channel hassle-free and efficient online education.

The Funding Rounds

In this first round sponsored by Alpha Wave Incubation, Classplus has raised USD 10.1 million. The already existing investors Blume Ventures and RTP Global also joined this funding round of Classplus. For raising the funding, the organization has allotted its one equity share and a total of 7912 C-Series preference shares.

In the previous month, Classplus accounted for a funding round led by Falcon Edge. The three investors, namely Alpha Wave Inbucation, RTP Global, and Blume have poured USD 7.6 million, USD 1.01 million and USD 1.5 million each. As the estimations state, Classplus was valued around USD 74.76 million in this very transaction. This number is seen with 83.3% raise in a mere five months comparing to that of May when it was valued at USD 40.77 million.

Current Stakeholders

At present, after the allotment of this portion, Blume Ventures holds the highest stakes of 16.03%, which is further followed by the co-founders of the company Bhaswat Aggarwal and Mukul Rastogi, with 12.6% shares allocated to each. Sequoia’s Surge Ventures have 11.58% portion and Alpha Wave Incubation has 10.28% shares.

Need of the Hour

The lockdown period impacted the unforeseen potential of the startup in a positive way. The same led the startup to bond with coaching centers across the country to streamline online teaching and empower institutes with multimedia study material. The edtech startups are getting popular as the investors can now witness their potential scope in the coming future.

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