Classplus grew out of Mukul Rustagi and Bhaswat Agarwal’s need to solve a pain point that they had experienced while preparing for IIT-JEE entrance exams when their coaching centres closed down. This was the case for educational institutes in most Tier-II cities and beyond where education was still largely offline.
In step with India’s digital growth, the founders built a mobile-based SaaS platform in 2018 to help private tutors and coaching centres take their brick-and-mortar set-ups online.
(L-R) Bhaswat Agarwal and Mukul Rustagi, Co-founders, Classplus
The startup aims to streamline the massive offline coaching market by educators to sell their online courses and content, helping them grow their business.
While the startup catered to half-a-million students and 3,000 tutors in the pre-pandemic times, its growth skyrocketed after the lockdown. In the 12 months since, Classplus’ tutor base grew 10X to cross 100,000 across 1,500 cities serving 12 million students.
This comes as the edtech sector in India saw an investment of $1.8 billion in 2020, according to YourStory Research — being the top three funded sectors in terms of deal volume. The edtech sector in India is poised to reach $12 billion by 2025.
KPMG estimates that there are more than 3,500 edtech startups in India today. Further, the Ministry of Human Resource Development projects that the country’s edtech expenditure would reach $10 trillion by 2030.
Purplle was one of the first companies to get into the ecommerce game in 2012. CEO Manish Taneja says for the first three years, the startup was largely driven by three or four people. In 2015, they raised funding for the first time from IvyCap Ventures, which recently made a partial exit with 22X returns. This year, the brand raised $45 million from Sequoia Capital and existing investors, valuing the startup at Rs 2,200 crore.
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Classplus founders Mukul Rustagi (R) and Bhaswat Agarwal
This content was originally published here.