This is Classplus’ second offer in three years to repurchase shares issued under its employee stock ownership plan (Esop). More than 150 employees across roles and business verticals are eligible to sell their vested shares to the company, the edtech startup said in a news release.
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The youngest participant in this buyback is a 23-year-old, while the average age of the eligible staffers is 28 years, cofounder and CEO Mukul Rustagi said.
Founded by Rustagi and Bhaswat Agarwal in 2018, Classplus operates as a mobile-first software-as-a-service platform that helps creators turn their skills into profitable online businesses through content monetisation.
The Tiger Global-backed startup said it has digitised creators across 3,000 cities serving over 50 million students. Its creators have conducted 1.5 million live classes in the past 12 months, in addition to recorded courses, one-on-one consultations, books and their own merchandise, it said.
The company, last valued at more than $600 million, has raised over $150 million from global investors like Tiger Global, Alpha Wave Incubation, RTP Global, Blume Ventures, Peak XV’s Surge, Spiral Ventures, Strive, Times Internet and Abu Dhabi-based Chimera Ventures.
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Times Internet is a part of the Times Group that publishes The Economic Times.Classplus competes with Teachmint, which also enables teachers to create their own virtual classrooms. Teachmint last raised $78 million in October 2021, led by Rocketship.vc and Vulcan Capital. That round valued the startup at roughly $500 million.