B2B edtech startup Classplus announced on Tuesday that it has raised $70 million in a Series D funding round co-led by Alpha Wave Global and Tiger Global.
Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile SaaS (software as a service) platform that enables educators and content creators to build their online presence, digitize their offline schooling centers and sell their online courses.
The startup said the funds will be used to improve the product and expand its global presence. Classplus recently announced its expansion into Southeast Asian markets, including Singapore, Vietnam and Malaysia.
The new funding round came eight months after Classplus raised $65 million in Series C funding in June last year.
“Going forward, we will also invest in new acquisitions and partnerships that will allow us to continue to deliver the best-in-class experience for educators and help them create impact in the education system,” Rustagi said.
Abu Dhabi-based Chimera Ventures has joined as a new investor, while existing investor RTP Global has doubled its investment in the NCR-headquartered company.
The new round values Classplus at almost $600 million, a jump of more than 2x the valuation from the previous round.
Classplus has digitized over 1 million teachers in 3,000 cities and towns serving over 25 million students.
The majority of its educators saw their profitability increase 2-3x within six months of adopting the platform, the startup claimed.
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