Bengaluru: Business-to-business (B2B) edtech startup Classplus has raised $9 million in a Series A funding round, led by early stage tech investor RTP Global. Existing investors including Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures and Strive also participated in the round.
The Noida-headquartered company enables offline coaching institutes to take their businesses online. Classplus said that it will use the funds to improve its technology and expand its product offerings. Classplus is expanding its product, engineering and business teams, and also working with content publishers to establish easier access to online assessments.
Over 3,500 coaching centres across 70 cities and towns in India use the platform, it said. Classplus was launched in 2018 by Mukul Rustagi and Bhaswat Agarwal.
“We are the category leaders in the segment, and the new fund raise will help us to serve more teachers with a world-class product experience. India is home to the largest after-school tuition market in the world and delivery models keep evolving as we speak. As national examinations move online, so must after-school tuition practices, and this new round of capital is a testament to Classplus’ ability to digitise the ecosystem,” said Rustagi, co-founder and CEO of Classplus.
Kirill Kozhevnikov, Partner at RTP Global, said, “According to the Global Teacher Status Index by the Varkey foundation in 2018, India was among the top-10 in the world in respecting teachers, though was in the last-10 in paying them. Classplus is liquidating this imbalance by empowering tutors with full-stack mobile solutions, while maintaining and further improving the high reputation of tutors.”