Classplus set to raise over $30 Mn led by GSV Ventures

classplus funding

Edtech startup, Classplus, is set to raise over $30 million in a new round, three people aware of the deal revealed.

“GSV Ventures would lead the round while existing investors including Alpha Wave Incubation are also participating,” said one of the people cited above urging anonymity.

This would be the third fundraise by the Noida-based company since the past year. It had raised over $10 million and $8 million in September and May 2020, respectively.

The sources revealed that Classplus will be valued between $120-130 million (post-money) in the potential transaction. “The proceeds will be utilized to improve tech capabilities and expansion,” said a second source who also requested not to be named.

The valuation of Classplus rose 83% during its Series B round. It was valued at Rs. 550 crore in the last round as compared to Rs 300 crore during its Series A round in May last year.

Classplus digitizes offline coaching institutes by enabling technology, communication, practice tests, payments channel, and learning programmes. Blume Ventures, Sequoia Capital, and Surge are its early institutional backers.

If the deal is finalized, Classplus would be the third investment by the New York-based GSV in the Indian edtech company. Earlier this week, GSV led a $30 million Series D round in Lead School. The VC firm had also participated in Quizizz’s $12.5 million Series A round in March last year.

GSV IS is a female-led, multi-stage VC firm aimed at the education sector. It claims to handle over $400 million in global edtech investments.

Besides Byju’s, upGrad, and Lead School, Unacademy is in talks to raise a $100 million round from D1 Capital Partners and SoftBank at a valuation of $3 billion. 

The edtech sector has seen a huge rise in demand since the pandemic hit. If Classplus successfully raises the funds, it would bring great opportunities for the company to be ahead of its competitors.

Shishir Gupta, Founder and CEO, StartupLanes

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