Illustration: Rahul Awasthi
Illustration: Rahul Awasthi

Bengaluru-based education technology startup Classplus has raised $10 million in fresh funding led by Alpha Wave Incubation, along with participation from existing investors RTP Global and Blume Ventures.

Regulatory documents sourced from Tofler showed that Alpha Wave Incubation has invested Rs 56.32 crore, while Blume Ventures and RTP Global have pumped in Rs 11.26 crore and Rs 7.5 crore, respectively.

The investment comes a little after four months since the business-to-business edtech firm raised $9 million led by RTP Global, along with participation from Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, and Strive.

Entrackr, which first reported of Classplus’s latest funding on Friday, estimated that the company was valued at Rs 550 crore, an 83% growth compared to its valuation when it raised funds in May this year.

In August, Classplus said that it had grown by over 500%, with over 20,000 tutors using the platform to teach over 3 million students in six months. It had said that more than 60% of its users came from Tier 2 and Tier 3 cities, boosted by the onset of the Covid-19 pandemic.

Times Internet, which is part of the Times Group that publishes The Economic Times, is also an investor in Classplus.

Classplus is the latest in a line of Indian edtech firms that have shored up capital due to soaring valuations caused by the pandemic. Unlike most other sectors which have shrunk due to the virus outbreak, edtech has emerged as a winner as more students, teachers and schools shift to online learning.

Market leader Byju’s valuation, which now stands at $10.8 billion, have also spurred other investors to back edtech players. It has also created an environment where M&A activity in edtech is picking up, with larger players scooping up smaller ones to grow faster or add new features to their own offerings.

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