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Edtech Startup Classplus Raises Rs 73 Crore During Series B Funding Round

The funding round was led by Surge Ventures, Blume Ventures, RTO Global, Strive Investment and Spiral Ventures

Founded in 2018, Classplus, an edtech startup, has raised Rs 73 crore in its Series B funding round led by RTP Global, Surge Ventures, Blume Ventures, Strive Ventures and Spiral ventures, Entracker reported. RTP Global will be investing Rs 30.16 crore, Surge Ventures Rs 15.08 crore, Blume Ventures will be investing Rs 15.03 crore. Spiral ventures will be investing Rs 9.8 crore and Strive will be investing Rs 2.26 crore in the round. 

Classplus during its Pre-Series A round had raised $2.5 million of funding in January this year led by Blume Ventures and Surge Ventures. The startup is a mobile-based Saas platform which aggregates private coaching institutes, its tutors, online content and assessments, communication, all through its platform. 

Post the Series A funding round, Blume will be the second-largest investor with 15.89% stake in the company along with Surge Ventures and RTP Global being third and fourth-largest investors with 13.23% and 10.14% stakes, respectively. 

Post this funding, Classplus will have a valuation of around Rs 300 crore post-Series B with a 3.75x growth from its last funding round. The startup was initially funded by Times Internet and GREE Ventures with $1.6 million. Under the leadership of its Co-founders Mukul Rustagi and Bhaswat Agarawal, the startup has around 5,00,000 userbase and around 3,000 teachers on its platform. 

While edtech is one of the most flourishing sectors during the lockdown, the recent KPMG's report also corroborated that edtech will receive more investment during this time. Other edtech startups like Vendatu, Unacademy, BYJU's and many others are witnessing a surge on their platforms leading to 100% growth of users. This shall attract investments in this sector, experts opine. 


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