Classplus, an India-based education management app developer backed by digital media company Gree and media group Bennett Coleman & Co (BCC), has raised $65m in series C funding, Business Standard has reported.
Hedge fund manager Tiger Global Management led the round, which included Alpha Wave Incubation, a vehicle managed by asset manager Falcon Edge Capital, as well as VC firms GSV Ventures, Blume Ventures and RTP Global.
Earlier this month, the company had received $30m in the round’s first tranche, which was led by GSV Ventures, investing alongside Alpha Wave Incubation and RTP Global, TechCircle reported, citing regulatory filings.
Founded in 2018, Classplus has built a mobile platform that helps tutors and education businesses manage tasks such as payment processing, student engagement and video lesson distribution.
The company will deploy the series C funding in building new products, growing its engineering team and expanding geographically.
Alpha Wave Incubation led a $10m round for Classplus in September 2020 that included RTP Global and Blume Ventures, four months after picking up $9m in a series A round led by RTP Global and backed by Strive, a corporate venturing vehicle for Gree, as well as Blume Ventures, Sequoia Capital India’s Surge programme and Spiral Ventures.
Blume Ventures and Surge participated $2.5m in a pre-series A round for the company in February 2020 that was also backed by assorted individual investors.
Gree Ventures and BCC subsidiary Times Internet co-led a separate $1.6m pre-series A round for Classplus in mid-2019 that included Spiral Ventures and Rising Stars Fund. Sourav Ganguly, president of the Board of Control for Cricket in India, is also an investor in the business.