Several edtech startups and companies have been on a roll and collectively to take over a great space of the marketplace. Talking about the most popular one, then Byju’s alone cornered $1.5 billion whereas, up Grad and Lead School nabbed up $120 million and $30 million, respectively, even upGrad is also on its way to become the next unicorn.
Joining a club, Classplus which also belongs to the same space is all set to raise over $30 million in the new funding round, stated by people aware of the details.
One of the spokespeople said- GSV Ventures would lead the round while existing investors involving Alpha Wave Incubation.
According to sources, this is the third exclusive fundraise by the Noida-based venture in the past year. It had raised over $10 million and $8 million in September and May 2020.
The new funding round will place Classplus’s value in the range of $130 to 150 million in the potential transaction or deal. The funds will be deployed to ramp up the operations, tech power, and expansion.
The valuation of Classplus took a hike of 83% during its Series B round. According to sources it was earlier valued at $74 million as compared to $40 million during its initial series in May 2020.
The startup digitizes offline coaching institutions by enabling technology. Communication, practice tests, payments, and more learning ways. The initial backers were Blume Ventures, Sequoia Capital, and Surge.
In case the deal finalizes and took its potential move. Classplus would be 3rd investment by the New York-based GSV in the Indian ed-tech firm. Earlier this week, it also led a $30 million Series D round in the Mumbai-based Lead School. The best part is GSV IS is a female-led company. It is a multistage VC firm focused on the education sector and investing constantly in budding ventures.