Classplus, an edtech startup is all set to raise its Series B round by raising Rs 73 crore in a tranche led by RTP Global along with Sequoia’s Surge Ventures, Blume Ventures, Strive Investment Partnership and Spiral Ventures.
As per the regulatory filings, RTP Global will invest Rs 30.16 crore while Surge Ventures would put in Rs 15.08 crore and Blume Ventures will invest Rs 15.03 crore.
Spiral and Strive will participate with Rs 9.8 crore and 2.26 crore respectively.
After the Series A round, promoters’ stake would be reduced from 39.25% to 29.6%. Early-stage investor Blume will emerge as the second-largest stakeholder in this round, holding a 15.89% stake. Sequoia’s Mauritius based SPV Surge Ventures and RTP Global will hold 13.23% and 10.14% respectively while remaining investors will have single-digit ownership in the company.
In its Series A funding, the Noida based startup raised Rs 17.5 crore in January this year. Blume Ventures, Surge Ventures and Kunal Shah’s QED Innovation Labs had invested in the company at a valuation of around Rs 80 crore.
Founded by Mukul Rustagi and Bhaswat Agarwal, the SaaS-enabled firm enables private coaching institutes and their tutors to streamline their content distribution, payments, communication, and online assessments. Classplus was also in Sequoia Capital’s ‘Surge 2.0’ accelerator program.
As of now, Classplus claims to have over 5,00,000 users and more than 3,000 teachers on the platform across India. It recently released new features to reach more students and educators. Since students have been relying on online classes during the lockdown, it has been tying up aggressively with coaching classes and providing online lessons, tests, and multimedia content to students.
