Classplus is an ed-tech startup, and it announced its second ESOP, or employee stock ownership plan, buyback in three years. The plan will allow 150-plus employees across different roles and business verticals to easily liquidate their vested shares by simply selling them back to Classplus, according to a press release. However, the company did not disclose any other transaction details related to it.
Classplus: Allowing creators to monetize their skills
Classplus was founded in 2018 by Mukul Rustagi along with Bhaswat Agarwal. Since then, the startup has grown into a mobile-first SaaS platform. It allows creators to easily monetize their skills as well as their content online.
Classplus claims to have a strong presence in more than 3000 cities. Also, it serves 50 million-plus students. The startup allows educators to have live sessions, sell their merchandise, as well as have one-on-one consultations.
Classplus also claims to have had 1.5 million live classes within 12 months. Plus, it has multiplied the overall earnings by 5–6 times. This is done by reaching out to the students while keeping local geography aside.
Classplus: Buyback’s impact
The ESOP buyback underscores the commitment of the startup to its employees. Also, it highlights the company’s consistent growth in the ed-tech sector.
As per Mukul Rustahi, who is the co-founder and CEO of this startup, ‘This ESOP buyback is a massive moment for the company. We began with this startup with the ultimate goal of creating value for everybody involved in it, be it customers, team members, or investors. It is gratifying to see our vision come to fruition.
Classplus: The participation of youngsters
As per Mukul, the youngest participant in this buyback is around 23. Also, the average age of the 150-plus eligible people is around 28. This is a great chance for our young team members to be wealthy at an early age, and this is something the company is proud of.
ESOP buybacks can be infrequent in the ed-tech sector, but the company is happy to show that they are part of it, Mukul added further.
Funding and investors
Classplus, as an ed-tech startup, has been able to raise more than $150 million in funding. This is from global investors which is led by Alpha Wave Ventures, Tiger Global Management, GSV Ventures, Blume Ventures, along with other investors.
In March 2022, it raised around $70 million in its Series D funding round, and its valuation was around $700 million. This made Classplus a unicorn startup. The series D round of funding was led by Alpha Wave Global, Tiger Global, along with other investors.
