Noida-based B2B edtech startup Classplus, which raised three rounds of funding in 2020, saw its tutor base grow 10X and topline surge 400 percent during the pandemic.
The mobile-first SaaS platform recently raised $65 million in a Series C round led by Tiger Global. GSV Ventures, and existing investors Alpha Wave Incubation (AWI), Blume Ventures, and RTP Global, also participated in the round.
Mukul Rustagi, CEO and Co-Founder, says the edtech startup plans to deploy the capital to fuel growth, build better products for educators, expand reach, and set up a great team.
Classplus Co-founders Mukul Rustagi (R) and Bhaswat Agarwal
Classplus’ engagement metrics have shown 10x-12x growth in the last 15 months, with revenues registering 7x growth in the same time period.
Mukul says 2021 has been very positive, with the company seeing 10-20 percent growth month on month. The uncertainty during the pandemic situation has affected growth, but Classplus has managed to grow 3x-5x on most engagement metrics and aims to close the year at 5x-6x of analysed growth across all the key metrics in the company.
Technology takes centre stage
According to Mukul, the pandemic has created an enormous amount of market awareness regarding the importance and relevance of technology in the educational space. His company helps educators to monetise content, build an online presence, and grow their student base across different geographies unlike the traditional set-up where educators could reach only a restricted number of students from a particular area.
“We have helped them grow 5x-6x using the platform,” Mukul says, adding that their biggest differentiator is in the way that they “approach the edtech market”. Unlike other platforms that allow students to explore educational content, Classplus is a purely B2B company.
“The way in which we have entered the market – more from a B2B educator first standpoint than a B2C one – is supremely important.”
Mukul feels that an online teaching business necessitates a few must-haves “in terms of functionalities”. “Communication, delivering content, student community management, monetising content, and making it available to a large number of students are elements that Classplus helps educators with”.
A hybrid experience
In addition to that, educators from a multitude of backgrounds and disciplines, who want to launch their business, are a part of the Classplus fraternity. The edtech startup aims to help create products that allow educators to offers students a good “hybrid experience”.
“We are essentially a backend tool that helps them manage their workflow and increase their reach,” Mukul says.
The co-founder says the company is not setting any benchmark targets as of now, owing to the volatility of the market.
“Even without the pandemic, 5x-7x growth is something that we have always done throughout our three years of existence. This year should be better than that at any cost.”
