Riding the prevailing edtech wave in the country, Classplus, which offers independent tutors and coaching institutes a SaaS-based platform and mobile app to manage their operations, has raised Rs 75 crore (a little over $10 million) in a funding round, dubbed a Series C round, according to regulatory filings.
The latest infusion in Noida headquartered Bunch Microtechnologies, which owns and operates Classplus, was led by Alpha Wave Incubation, an early stage investment entity backed by the Abu Dhabi state entity ADQ, which invested Rs 56.3 crore, the filings showed. Returning investors Blume Ventures and RTP Global Investments contributed Rs 11.2 crore and Rs 7.5 crore respectively.
Founded in 2015 by Mukul Rustagi and Bhaswat Agarwal, Classplus has developed a mobile operating system that enables coaching institutes to take their brick and mortar setups online. The company aims to streamline the market by helping tutors run their communication, payments, assessments and online learning programmes on a full-stack mobile solution that doubles up as their online content repository.
In May the company said that over 3,500 coaching centres across 70 cities, mostly in second and third tier cities, used its platform.
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