Classplus Secures 10M USD From Alpha Wave Incubation

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The Delhi NCR-based startup, Classplus have increased its valuation by 83% with the latest tranche. It is the second investment of the company in the current fiscal year. Previously, it had secured nine million USD in its Series A funding round in May 2020. The startup has received back to back fundings, which in fourth months asserts investors’ high interest in India’s edtech startups. 

Classplus has secured 75.1 crore INR, 10.01 million USD in the latest round. Alpha Wave Incubation led the funding round with participation from existing investors RTP Global and Blume Ventures. The firm has assigned 1 equity share and 7912 Series C preference shares to raise fresh infusions. 

Alpha Wave Incubation has poured 56.32 crore INR. The existing investors, Blume and RTP Global have made an investment of 11.26 crore INR and 7.5 crore INR, individually. Alpha Wave Incubation is an early-stage 300 million USD fund. It is managed by Navroz Udwadia, Co-founder of Falcon Edge. As a leading investor, he now gets a seat on the startup’s board. 

 

Classplus Observes 83% Surge in its valuation

According to the estimates, Classplus is valued at approximately 550 crore INR in this transaction. With fresh investments, it has witnessed an 83.3% increase in valuation. The valuation surged within five months corresponded to its previous 300 crore INR valuation during its last funding round in May 2020.

Blume Ventures, the early backer of the edtech startups, remains the company’s biggest shareholder with 16.03% holding. It is followed by Mukul Rustagi and Bhaswat Aggarwal, co-founders of Classplus, with 12.96% each. With the recent allotment, Alpha Wave Incubation now controls a 10.28% stake. The Sequoia’s Surge Ventures also owns 11.58% in the firm.  

Classplus has its presence across 100 cities of India. More than 6000 coaching centers and 5 million students use the platform. It allows offline tuition classes to turn its businesses online by enabling technology, practice tests, communication, payments channel, and learning programs online. 

During the COVID-19 lockdown, the two-year-old firm collaborated with several coaching institutes to turn their offline classes into multimedia, online coaching centers. 

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Rucha Joshi, currently managing a team of over 20 content writers at TimesNext is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student and a passionate leader.

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