Classplus raises twice its revenue to Rs 620 crore
The company has raised its revenue twice FY22-23 revenue from its operations. According to its consolidated financial statements sourced from the Registrar of Companies, there had been a surge of revenue from Rs 102 crore in FY 23 to a boosting Rs 260 crore in the financial year 2024.
While there are enormous edtech firms that experienced a flat or no growth in financial year 2024, this edtech company sparks up by finding stable revenue streams by empowering educators with an online presence. The firm has seen its revenue grow eight times over the past two financial years. It has reached Rs 213 crore in FY24 which was up from Rs 26 crore in FY 22. On the other hand, the firm also saw reduction in losses by 57% in FY24.
The firm is helping the creators launch their online coaching business by the launch of mobile apps and websites and self-online courses via them.
Breaking down the revenue of the firm
The selling of products and other services provided Rs 8 crore to its revenue. In addition to this, the company earned Rs 52 crores mainly from interests on fixed deposits, which has brought its total income to Rs 264 crore in the financial year ending in March 2024.
Classplus has also investment in firms like government job preparation portals- GyanLive and has in recent started a 4-year computer science course- Polaris School of Technology in Bangalore.
The six-year-old firm has accounted for 54% of total expenses, which has decreased by 12% to Rs 201.7 crore in the financial year 2024. This also includes ESOP cost of Rs 38.5 crore which is noncash in nature.
There has also been a decrease in advertising and promotional expenses by 7.3% in the last financial year.
Past investors of the company
Classplus, a Noida-based company has secured over $160 million till date, which is inclusive of a $70 million Series D round in March 2022 which got the valuation of the company at $600 million.
Other notable investors include Alpha Wave, RTP Global, GSV Ventures, Tiger Global and Blume Ventures.
Classplus secured a $70 million Series D round at the start of FY23 with the significant boost helping the Delhi-based company to hack a four-fold growth in its operating scale during the last financial year.
Read out the entire article on – classplus funding: Edtech startup Classplus raises $70 million in funding as valuation jumps to $600 million – The Economic Times (indiatimes.com)
Services provided
The company claimed to have seen adoption from educators serving the kindergarten to grade 12 (K-12) as well as exam preparation categories. There have also been non-academic content creators from sectors such as fitness, lifestyle, personal finance, language training and programming have joined the platform.
Future outlook of Classplus
With enough available capital to last for at least for the next two years or more, the company could be in an excellent space by FY25, if its cost controls continue to succeed at reducing losses. The marketing expenses or acquisition costs will drop if the service is good, keeping aside the fluctuations of the economy.
The firm is also going to build a deeper defense with increased numbers, securing its position better.
Conclusion
Classplus has raised its revenue twice FY22-23 revenue from its operations. There had been a surge of revenue from Rs 102 crore in FY23 to a boosting Rs 260 crore in the financial year 2024.
The firm has seen its revenue grow eight times over the past two financial years. It has reached Rs 213 crore in FY24 which was up from Rs 26 crore in FY 22. On the other hand, the firm also saw reduction in losses by 57% in FY24.
Classplus secured a $70 million Series D round at the start of FY23 with the significant boost helping the Delhi-based company to hack a four-fold growth in its operating scale during the last financial year.
Read more funding news- Troo Good Attracts Game Changer ₹72 Crore In Latest Funding Round To Fuel Growth And Innovation – 24 Khabre