India's Classplus raises $70 million to help teachers and creators expand their...
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India's Classplus raises $70 million to help teachers and creators expand their reach
At a time when so many edtech firms in India are attempting to cut their reliance on teachers, a Noida-based startup that is helping teachers and creators operate, manage and sell courses to students has raised $70 million in a new financing round. That startup, Classplus, is now valued at $570 million.
Alpha Wave Global and Tiger Global co-led Classplus’ Series D round, the four-year-old startup said. Abu Dhabi-based Chimera Ventures and RTP Global also participated in the round, which follows the startup’s $65 million Series C funding eight months ago. The new round has more than doubled the startup’s valuation, it said in a statement.
There are millions of teachers in India who teach students in small Indian cities and towns. In their own localities, they are among the most popular from whom students wish to learn. Their offline coaching continues to flourish.
But traditionally, these teachers have struggled to reach students living just a few miles from them. With the advent of smartphones and cheap mobile data, some teachers have started to experiment with a variety of tools – from a spreadsheet processor to YouTube, Zoom, Surveymonkey and Instamojo – to record, stream and monetize their lessons. But the experience of using so many tools is confusing and clumsy.
That's where Classplus comes into the picture.
“We enable these teachers and small institutions to stream, distribute, sell and manage their classes online through just one platform,” said Mukul Rustagi, co-founder and chief executive of Classplus, in an interview with TechCrunch.
“The platform took off in 2019 as educators were able to leverage it to become brands, and do commerce and make more money. They were able to reach more students than ever before without cannibalising their offline businesses,” he said.
Things changed for the better for Classplus during the second wave of the pandemic, says Rustagi, when creators, artists, fitness and lifestyle experts and others discovered and started to use the platform to sell their courses to their audiences.
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