US-based platform GSV has led the Series C round with Rs 108 crore and acquired 10.75% in the six-year-old company.
Noida-based Classplus has raised Rs 220 crore in a funding round led by GSV Ventures Fund. Regulatory filings show Classplus has allotted 17,762 Series C1 Preference shares at an issue price of Rs 1,23,706 to raise Rs 220 crore. US-based platform GSV has led the Series C round with Rs 108 crore and acquired 10.75% in the six-year-old company.
Existing investors RTP Global and Alpha Wave Incubation and have put in Rs 26 crore and Rs 73 Crore respectively. Its early backer Blume Venture also participated in this round with Rs 22 crore. It is estimated that Classplus will be valued at over Rs 1,000 crore. The company is set to raise $25 million from Tiger Global in the Series C round of financing. In addition to Blume, Sequoia Capital and Surge are also among its early investors. The ed-tech start-up is taking an 87% leap in valuation over $74 million during its Series B round of funding in September 2020.
Classplus is like Shopify for coachings and teachers. At present, it is operated by 7 million students and 8000 educators. The company is competing with Google-backed Teachmint and Cuemath. Since last year, Classplus has raised $48 million across three institutional rounds. Since the lockdown, the Indian EdTech ecosystem has gained momentum when it comes to raising funds and their acceptance by the student, teachers, and parents alike.
Source: Business World