Classplus, a B2B edtech firm, said on Tuesday that it has secured $70 million in Series D financing headed by Alpha Wave Global and Tiger Global.
Classplus is a mobile-first SaaS (software-as-a-service) platform founded in 2018 by Mukul Rustagi and Bhaswat Agarwal that allows educators and content creators to develop their online profiles, and digitize their offline tuition centers, and offer their courses online.
The cash will be used to improve the product and grow its global footprint, according to the business. Classplus has recently announced plans to expand into Southeast Asian countries such as Singapore, Vietnam, and Malaysia.
The fresh round of investment comes eight months after Classplus received a $65 million Series C round in June of last year.
“In the future, we will also invest in additional acquisitions and collaborations that will allow us to continue offering best-in-class experiences to educators and assisting them in making an effect in the school system,” Rustagi added.
Chimera Ventures of Abu Dhabi has joined as a new investor, while RTP Global, an existing investor, has increased its stake in the NCR-headquartered firm.
The latest round values Classplus at close to $600 million, a more than twofold increase over the previous round.
Classplus has digitized over one lakh instructors in 3,000 towns and cities, servicing over 25 million students.
According to the business, the majority of its instructors saw a 2-3 times boost in revenue after six months of using the platform.
