Classplus
SaaS platform giving Indian tutors apps to run classes, payments, and content.
On the record
Checkpoint: FY25 audited financials and any new primary funding round announcement
The call
Classplus keeps tutors locked into its billing rails while free AI tools from Google eat the content layer it once charged for, and its next funding round will show whether investors still buy the pivot.
Classplus makes software that helps tutors in India run their teaching business, handle payments, and create quizzes and lessons. The company has a real advantage because over 100,000 tutors use it and switching away is annoying once you are locked in, plus Classplus handles the money collection part. But Google just added free AI teaching tools to Google Classroom in June 2025, and other companies like Physics Wallah offer cheaper test prep, so the parts of Classplus that do not involve payments are becoming easier to replace with free stuff. The biggest change would be if Classplus raises new money at a high price (showing it is still growing) or if tutors stick with Classplus even as Google Gemini becomes popular in their schools.
Why
01
AI pressure: Google Gemini in Classroom. Google shipped 30+ free AI tools into Classroom in June 2025, undercutting Classplus's content and quiz features tutors used to pay for. Could AI do the core job? Only partly.
02
Bigger players: Physics Wallah and Unacademy's Graphy. Physics Wallah's low-cost volume model and Unacademy's AI-powered Graphy platform both compete directly in the test-prep space Classplus pivoted into. Could a giant copy it? Probably.
03
What protects it. 100,000+ tutors already run billing, collections, and student records inside Classplus, and switching means losing payment history and student data.
What would change this call
Classplus announces a new primary funding round or extends 4+ years without one. An up-round validates the pivot; continued silence signals valuation markdown risk.
FY25/FY26 audited financials show revenue growth rate and loss trend. Reveals whether the test-prep pivot is improving or worsening unit economics.
Reports of tutor churn or drop in paid seats after Gemini's Classroom rollout. Would show whether free AI tools are cracking Classplus's tutor lock-in.
FY25/FY26 audited financials show revenue growth rate and loss trend. Reveals whether the test-prep pivot is improving or worsening unit economics.
Reports of tutor churn or drop in paid seats after Gemini's Classroom rollout. Would show whether free AI tools are cracking Classplus's tutor lock-in.
Key numbers
- $600M valuation, unchanged since March 2022
- FY24 revenue roughly ₹213-265 Cr, up 2x YoY
- No primary funding round in 4+ years
Named risks
- No primary funding round since March 2022, valuation stuck at stale $600M mark.
- Free AI tools like Gemini in Classroom directly overlap content and support tooling that drives ~97% of revenue.
- Unresolved founder lawsuits from 2023-24 Abhinay Maths and Saarthi acquisitions.
- Conflicting revenue and loss figures across sources with no FY25 or FY26 audited financials public.
- Pivot into test-prep and offline education pits Classplus against far larger, better-funded incumbents.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Google (Gemini in Classroom) | gaining on | Shipped 30+ free AI tools to educators, June 2025, overlapping Classplus's core SaaS tooling |
| Physics Wallah | contesting | Described as fiercest low-cost, high-volume test-prep rival as Classplus pivots via Testbook, 2025 |
| Unacademy | contesting | Owns Graphy course platform; laid off 20-30% of Graphy staff in late 2023 amid sector reset |
| Teachmint | contesting | Peer SaaS-for-educators reported 2x FY24 revenue growth with losses cut to ₹87 Cr |
Questions people ask
- Is Classplus profitable in 2026?
- No independent evidence confirms profitability. FY24 losses were reported at about ₹110.4 Cr (57% reduction year over year) on revenue of roughly ₹213 Cr, per Entrackr, October 2024. No audited FY25 or FY26 financials have been publicly reported as of mid-2026.
- Could AI replace Classplus's core product?
- Partially exposed. Google shipped Gemini in Classroom with 30+ free AI tools in June 2025, directly overlapping the content, quiz, and support tooling that made up about 96.6% of Classplus's FY24 operating revenue of ₹205.5 Cr, per Entrackr, October 2024.
- Who owns Classplus and is it a public company?
- Classplus is a private, VC-backed company (legal entity Bunch Microtechnologies), co-founded by Mukul Rustagi and Bhaswat Agarwal. It was last valued at about $600M after a $70M Series D led by Alpha Wave Global and Tiger Global in March 2022, per TechCrunch.
- Who is Classplus's biggest competitor?
- Classplus faces Physics Wallah and Unacademy in the test-prep/offline segment it's pivoting into via Testbook and Polaris, plus Google's free Gemini in Classroom (June 2025) eroding its core SaaS tooling value, and peer SaaS rival Teachmint, which reported 2x FY24 revenue growth.
- Has Classplus raised new funding recently?
- No new primary round has been reported since its $70M Series D in March 2022, per Inc42's 2026 funding tracker. Its most recent capital move was as an investor, not a fundraiser: co-leading a ₹50 Cr Series A into GyanDhan in June 2025.
- What is Classplus's current valuation?
- Classplus was valued at approximately $600M (about ₹4,800 Cr post-money) after its $70M Series D round in March 2022, led by Alpha Wave Global and Tiger Global, per TechCrunch. No newer valuation mark has been publicly reported as of mid-2026.
Timeline
- 2026-05-28Polaris School of Technology partners with Google for certified Cloud and Big Data curriculum
- 2025-07-16Inc42 reports Classplus pivoting from SaaS to test-prep model
- 2025-06-30Google ships Gemini in Classroom with 30+ free AI tools for educators
- 2025-06-03Classplus co-leads ₹50 Cr Series A investment into GyanDhan
- 2024-10-02Entrackr reports FY24 revenue near 2x growth, losses cut 57%
- 2024-05-30Classplus launches Polaris School of Technology, offline BTech college
- 2024-01Classplus acquires FunctionUp, later rebranded as Polaris
- 2023-02Classplus acquires Abhinay Maths
- 2022-09Classplus takes controlling stake in Testbook, about ₹67.8 Cr secondary deal
- 2022-03-29Series D raises $70M, valuation reaches about $600M
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Financial, Valuations and News
- From supporting edtech platforms against Byju's and Unacademy to empowering content creators (2023-07-27)
- Edtech Startup Classplus Raises Rs 73 Crore During Series B Funding Round
- Edtech Startup Classplus Raises $65 Mn In Series C Round From Tiger Global
- Classplus raises $70 million (2022-03-29)
- Classplus Stock Price, Funding, Valuation, Revenue & Financial Statements
- Classplus Funding 2026
- Classplus Flips Its Edtech Playbook From SaaS To Test Prep (2025-07-16)
- Classplus 2026 Company Profile: Valuation, Funding & Investors
- GyanDhan raises Rs 50 Cr in Series A round from Classplus and Pravega (2025-06-03)
- Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57% (2024-10-02)
- Launch of Polaris School of Technology