According to sources familiar with the matter, Tiger Global is in talks to lead a $30 million round in Indian edtech startup ClassPlus.
Two sources told ClearTips that the new round, which includes both a primary investment and a secondary transaction, values the five-year-old Indian startup at over $250 million.
One of the sources said the new round follows another ~$30 million investment that was recently led by GSV. The new round has not closed, so terms may change.
ClassPlus – which has created a Shopify-like platform for coaching centers to accept fees from students digitally and deliver classes and study materials online – in September last year partnered with Falcon Edge’s AWI, cricketer Sourav Ganguly and existing investors RTP. Global was raised $10.3 million. Bloom Ventures. According to research firm Traxon, ClassPlus was valued at about $73 million in that round.
ClassPlus did not respond to a request for comment. The sources requested anonymity as the matter is private.
As millions of students – and their parents – embrace digital learning apps, ClassPlus is betting that the hundreds of thousands of teachers and coaching centers that have gained a reputation in their neighborhood are here to stay.
The startup is serving these hyperlocal tutoring centers which are present in almost every nook and corner of India. “Anyone who was born here to a middle-class family might have attended these tutoring classes,” ClassPlus co-founder and chief executive Mukul Rustagi told ClearTips last year.
“These are generally small and medium setups which are run by the teachers themselves. These teachers and coaching centers are very popular in their locality. They rarely do any marketing and students learn about them through word of mouth buzz,” he said then.
Rustagi described ClassPlus as “the Shopify for coaching centers”. Like Shopify, ClassPlus does not operate as a marketplace that provides the ability to find these teachers or coaching centers and instead it provides a way for these teachers to leverage its technology platform to connect with customers. does.
This year, Tiger Global has supported nearly two dozen startups – or back to back – in India.