Tiger Global, Alpha Wave co-lead $70m round of edtech startup

India-based edtech startup Classplus has raised US$70 million in a series D funding round co-led by Alpha Wave Global and Tiger Global.

Classplus co-founders Bhaswat Agarwal (left) and Mukul Rustagi / Photo credit: Classplus

Abu Dhabi-based Chimera Ventures joined the round as a new investor, while existing investor RTP Global doubled its investment in the firm, Classplus said.

The round values the edtech firm at nearly US$600 million, which is more than 2x its valuation in the previous fundraise. In June 2021, it secured US$65 million in a series C round co-led by Tiger Global and GSV Ventures.

Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus describes itself as a mobile-first SaaS platform that helps educators and content creators build their online presence, digitalize tuition centers, and sell their courses online.

The company has onboarded more than 100,000 educators and content creators from more than 3,000 towns and cities in India. It serves more than 25 million students.

Classplus also said that a majority of its educators have recorded up to 3x growth in profitability within six months of using the platform.

The latest fundraise comes after the company announced its expansion into the Southeast Asian region, setting up operations in markets such as Singapore, Vietnam, and Malaysia.

Classplus plans to use the fresh funds to expand its presence globally. It also aims to invest in new acquisitions and partnerships.

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“We like that the company can successfully cater to the large offline market of educators across segments such as K-12, test preparation, etc. We also see a significant improvement in end tutor economics as a result of using Classplus – this results in sector leading monetization and retention trends,” Alpha Wave co-founder Navroz Udwadia said in a statement.