B2B edtech startup Classplus has made its maiden investment by acquiring a minority stake in Testbook via a secondary transaction. With this deal, Classplus has bought the shares of the Mumbai-based company’s current investors Matrix Partners India, Pivot Ventures and ah! Ventures Angel Investors.
ah! Ventures’ has done 144 investments in 104 startups till date taking its total investment portfolio to INR 292 CR (~39 MN USD) with 14 exits and 29 follow on rounds. 44 investments have happened through all three platforms in 2022 till date.
“Classplus will evaluate to acquire more stakes in Testbook if the company demonstrates desired performance. It’s also likely to put some primary capital in Testbook in the coming months,” a source in the know of the matter told Entrackr. Testbook is in need of primary capital as it has been having a difficult time trying to raise external capital, the report added.
Testbook is one of India’s biggest and fastest growing start-ups in the edu-tech sector. Started in the year 2014, the startup was founded by six IITians and provides a variety of mock tests to give students’ preparation a final shape for most of the competitive exams being conducted Online in India. The strong response, in terms of increased user base and the numerous success stories, stands as testimony to their high value product.
Started in 2018 by Mukul Rustagi and Bhaswat Agarwal, Noida-based Classplus is a mobile-first SaaS (software-as-a-service) platform that enables private coaching institutes and their tutors to streamline their content distribution, payments, communication, and online assessments through the app.
Read the original announcement: https://ahventures.in/mailers/funding/textbookexitpr.html