Tiger Global is in talks to lead a $ 30 million funding round in Indian edtech start-up Classplus, according to people familiar with the matter.
The new round, which includes both primary investments and secondary transactions, values the five-year-old Indian startup at more than $ 250 million, two sources told TechCrunch.
The new round follows another investment of around $ 30 million led by GSV recently, one of the sources said. The round is not over, so terms may change.
Classplus – who has built a Shopify-like platform for coaching centers accept student fees digitally and deliver courses and study materials online – also raised $ 10.3 million in September last year from Falcon Edge’s AWI, cricketer Sourav Ganguly and existing investors RTP Global and Blume Ventures. That round had valued Classplus at around $ 73 million, according to research firm Tracxn.
Classplus did not respond to a request for comment. Sources have requested anonymity as the matter is private.
As tens of millions of students – and their parents – embrace digital learning apps, Classplus is betting that hundreds of thousands of teachers and coaching centers who have built reputations in their neighborhood are here to stay.
The startup is at the service of these hyperlocal tutoring centers present in almost every nook and cranny of India. “Anyone born into a middle-class family here has likely attended these classes,” Mukul Rustagi, co-founder and CEO of Classplus, told TechCrunch last year. “These are usually small and medium-sized facilities that are run by the teachers themselves. These teachers and coaching centers are very popular in their locality. They rarely do marketing and students learn about them through word of mouth, ”he said at the time.
Rustagi had described Classplus as “Shopify for Coaching Centers”. Like Shopify, the service does not serve as a marketplace offering discoverability to these teachers or coaching centers. Instead, it offers these educators a way to leverage its technology platform to engage with customers.
This year, Tiger Global has supported – or in talks – about two dozen startups in India.