Edtech Firm Classplus Announces ESOP Buyback for Over 150 Employees
- ByStartupStory | February 14, 2024
Edtech company Classplus has revealed plans for an employee stock ownership plan (ESOP) buyback, encompassing more than 150 employees. This marks the second buyback initiative by the company in the last three years.
Classplus announced in a press release that over 150 employees, spanning various roles and business verticals, are eligible to liquidate their vested shares by selling them back to the company. However, the firm did not disclose the transaction details.
Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus operates as a mobile-first SaaS platform, empowering creators to transform their skills into profitable online ventures through content monetisation. On the platform, creators can launch recorded courses, conduct live webinars, offer 1-on-1 consultations, sell books, and merchandise.
Classplus boasts of having digitised creators across more than 3,000 cities, serving a student base exceeding 50 million.
Since its inception, Classplus has raised approximately $150 million from prominent investors such as Tiger Global, AWI, RTP Global, Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, Strive, Times Internet, and Abu Dhabi-based Chimera Ventures.
In the fiscal year 2022-23, Classplus recorded a total revenue growth of 3.3 times, reaching Rs 149.2 crore compared to Rs 45.4 crore in the previous fiscal year. However, the firm reported a loss of Rs 256 crore in the last fiscal year.
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