Noida,  B2B edtech startup Classplus on Tuesday said it has raised $70 million in a Series D round co-led by Alpha Wave Global and Tiger Global.

Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile-first SaaS (software-as-a-service) platform that allows educators and content creators to build their online presence, digitise their offline tuition centres and sell their courses online.

The startup said that funds will be used to enhance the product and expand its global presence. Classplus recently announced expansion in Southeast Asian markets, including Singapore, Vietnam and Malaysia.

The new funding round came eight months after Classplus raised a $65 million series C funding in June last year.

"Going forward, we'll also be investing in new acquisitions and partnerships that will enable us to continue delivering best-in-class experience to the educators and helping them create an impact in the education system," said Rustagi.

Abu Dhabi-based Chimera Ventures has come in as a new investor while existing investor, RTP Global, has doubled down on their investment in the NCR-headquartered company.

The new round values Classplus close to $600 million, a more than 2 times jump in the valuation from the previous round.

Classplus has digitised over 1 lakh educators across 3,000 towns and cities serving more than 25 million students.

A majority of its educators have witnessed a 2-3 times increase in profitability within six months of adopting the platform, claimed the startup.