Noida-based Classplus, a SaaS platform that caters mobile-first approach has announced securing $9 million as part of Series A financing led by early-stage venture capital firm RTP Global. The round also saw participation from existing backers that included the names like Blume Ventures, Spiral Ventures, Strive, and Sequoia Capital India’s accelerator, Surge.
Before this round, the firm had raised $2.5 million from Blume Ventures just a couple of months ago. The current financing takes the total amount raised by the Classplus to $14 million.
Founded in 2015 by Bhaswat Agarwal, Bikash Dash, Mukul Rustagi, and Vatsal Rustagi, the company claims to be a-Shopify-like-platform for coaching centers. It allows the centers to collect fees digitally from students, and deliver classes and study material online. It allows the tutors to manage all their communication, payments, practice tests, schedules, and online learning programs through smartphones.
Mukul Rustagi, the CEO of the company talking about the firm, said that "We are the category leaders in the segment, and the new fundraiser will help us to serve more teachers with world-class product experience. India is home to the largest after-school tuition market in the world and delivery models keep evolving as we speak."
The company plans to utilize the freshly raised funds to improve technology while expanding the product range. The firm claims to have more than 3,500 coaching centers across 70 cities in the country,
With COVID-19 forcing the world to stay home, the latest financing will surely give Classplus a wing to achieve their goals as students sit at home and try to learn from home like the professionals are forced to work from home.
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