Classplus, a SaaS based platform that digitises offline coaching institutes, has closed its Series C round at $65 million (Rs 482 crore). The round was led by alternative investment firm Tiger Global Management and valued Classplus parent Bunch Microtechnologies at $250 million.
GSV Ventures, Alpha Wave Incubation (AWI), Blume Ventures and RTP Global were returning investors in the round, the company said in a statement.
Last week, TechCircle reported, citing regulatory filings, that Classplus has raised $30 million from GSV Ventures, Alpha Wave Incubation and RTP Global, as part of the same round.
Noida headquartered Bunch Microtechnologies also counts Sequoia Capital India’s Surge and Times Internet among its early backers.
This is the fourth round of funding raised by Classplus in the last 15 months. Including the Series C round, the company has raised $90 million so far, it said.
“With this growth financing, we aim to build the best-in-class products for educators, build great engineering teams, and grow geographically. We are hiring aggressively across engineering, product, and business roles,” Classplus co-founder and CEO Mukul Rustagi said.
Rustagi founded Classplus in 2015 with Bhaswat Agarwal. The company helps coaching institutes set up an online presence. It aims to streamline the market by helping tutors run their communication, payments, assessments and online learning programmes on a full-stack mobile solution.
“When lockdowns struck India, Classplus emerged as the critical infrastructure software for the $30bn offline tutoring industry,” GSV Ventures managing partner Deborah Quazzo said.
Classplus claims to have digitised over 1 lakh tutors across 1,500 cities serving 20 million students.