New Delhi, B2B edtech firm ClassPlus expects its turnover to grow by 65 per cent to over Rs 250 crore in fiscal 2024, a senior company official said.
The Tiger Global and Peak XV Partners (formerly Sequoia Capital)-backed firm claims to be on the verge of profitability and continue to sustain growth by improving operational efficiency.
“ClassPlus has achieved significant growth in FY24. We expect revenues to grow to Rs 250 crore (unaudited), an increase of 65 per cent from Rs 149 crore in FY23. Additionally, we have achieved profitability Strong progress has been made in this direction, due to which the losses have been reduced by 70 percent.“The percentage will grow to around Rs 80 crore in FY2024,” said Mukul Rustagi, co-founder and CEO, ClassPlus.
ClassPlus helps content creators and teachers launch and grow their online coaching businesses by monetizing their social media.
“Our success is tied to our content creator partners. ClassPlus creators conduct over 2 lakh live classes every month. These creators have grown their earnings 5-6 times by reaching students beyond their local geographies .As of May, more than 8 crore students have learned through the app powered by ClassPlus in “over 4,500 cities and towns in India and abroad,” Rustagi said.
The company has raised a total of approximately US$150 million in seven rounds of funding so far from global leading investors including Tiger Global, AWI, Bloom Ventures, GSV Ventures, RTP Global, Sequoia Capital India's Surge and Times Internet.
“We were valued at close to USD 565 million in the latest round and we raised USD 65 million in our latest Series D round. Notably, as we are getting closer to profitability, our last round Most of the cash raised is still in the bank,” Rustagi said.
The company provides content creators with AI-enabled marketing tools, marketing campaign analytics, the ability to publish books and launch merchandise, paid one-on-one sessions, a no-code website with a wide range of ready-to-use website templates etc. provides.,
"Over the past few years, we've also seen the rise of the creator economy, and fitness instructors, programmers, language instructors, chefs, yoga instructors and many other content creators rising to disrupt the way people share their expertise online with their followers. The non-academic category now contributes more than 30 percent to the business, Rustagi said.
He said earnings of non-academic creators increased 2.5 times compared to last year and the number of creators increased by 300 percent from 2021.
Rustagi said: “78 per cent of ClassPlus creators are from Tier 2 and beyond cities and are impacting the lives of students in remote Tier III and Tier IV towns and villages who are unable to afford and access quality education offline. Were not able to reach."
In addition to investing in products, ClassPlus plans to invest in new acquisitions and partnerships to enhance services for content creators.The company has made strategic investments in local government test preparation companies like Testbook and Gyan Live.
Rustagi is also excited about the recently launched Polaris School of Technology (PST), the company's 4-year B.Tech course that combines classroom learning with real-world industry experience.
“PST is a first-of-its-kind Computer Science degree program in the country that provides students with practical industry experience through AI/ML specialization. PST aims to bridge this skill gap and prepare students for industry-ready and top global tech companies. Make me employable on the first day,” he said.
The Tiger Global and Peak XV Partners (formerly Sequoia Capital)-backed firm claims to be on the verge of profitability and continue to sustain growth by improving operational efficiency.
“ClassPlus has achieved significant growth in FY24. We expect revenues to grow to Rs 250 crore (unaudited), an increase of 65 per cent from Rs 149 crore in FY23. Additionally, we have achieved profitability Strong progress has been made in this direction, due to which the losses have been reduced by 70 percent.“The percentage will grow to around Rs 80 crore in FY2024,” said Mukul Rustagi, co-founder and CEO, ClassPlus.
ClassPlus helps content creators and teachers launch and grow their online coaching businesses by monetizing their social media.
“Our success is tied to our content creator partners. ClassPlus creators conduct over 2 lakh live classes every month. These creators have grown their earnings 5-6 times by reaching students beyond their local geographies .As of May, more than 8 crore students have learned through the app powered by ClassPlus in “over 4,500 cities and towns in India and abroad,” Rustagi said.
The company has raised a total of approximately US$150 million in seven rounds of funding so far from global leading investors including Tiger Global, AWI, Bloom Ventures, GSV Ventures, RTP Global, Sequoia Capital India's Surge and Times Internet.
“We were valued at close to USD 565 million in the latest round and we raised USD 65 million in our latest Series D round. Notably, as we are getting closer to profitability, our last round Most of the cash raised is still in the bank,” Rustagi said.
The company provides content creators with AI-enabled marketing tools, marketing campaign analytics, the ability to publish books and launch merchandise, paid one-on-one sessions, a no-code website with a wide range of ready-to-use website templates etc. provides.,
"Over the past few years, we've also seen the rise of the creator economy, and fitness instructors, programmers, language instructors, chefs, yoga instructors and many other content creators rising to disrupt the way people share their expertise online with their followers. The non-academic category now contributes more than 30 percent to the business, Rustagi said.
He said earnings of non-academic creators increased 2.5 times compared to last year and the number of creators increased by 300 percent from 2021.
Rustagi said: “78 per cent of ClassPlus creators are from Tier 2 and beyond cities and are impacting the lives of students in remote Tier III and Tier IV towns and villages who are unable to afford and access quality education offline. Were not able to reach."
In addition to investing in products, ClassPlus plans to invest in new acquisitions and partnerships to enhance services for content creators.The company has made strategic investments in local government test preparation companies like Testbook and Gyan Live.
Rustagi is also excited about the recently launched Polaris School of Technology (PST), the company's 4-year B.Tech course that combines classroom learning with real-world industry experience.
“PST is a first-of-its-kind Computer Science degree program in the country that provides students with practical industry experience through AI/ML specialization. PST aims to bridge this skill gap and prepare students for industry-ready and top global tech companies. Make me employable on the first day,” he said.
