Edtech startup Classplus: Edtech startup Classplus named in cheating, forgery case by Abhinay Maths

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Edtech startup Classplus has been accused of cheating and breach of trust in a second case in less than a year, this time by maths-focussed test prep platform operator Abhinay Maths.Abhinay Maths, which was first launched as an educational YouTube channel, went on to have an app developed by Classplus.

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Classplus had also invested Rs 4 crore in Abhinay Maths in February 2023.

Abhinay Sharma, founder of Abhinay Maths, alleged that Classplus had engaged in activities that caused substantial financial losses and damage to the firm’s reputation.

The allegations included forging of digital signatures on documents, unauthorised acquisition of assets valued at Rs 70-80 lakh, use of counterfeit stamps of Abhinay Maths, and creation of forged documents to facilitate illicit transfers.

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A press release from Abhinay Maths added that Classplus pressured AMCP Edutech’s staff, including teachers, to resign or face termination. “Around 60 employees find themselves facing financial hardship due to unpaid salaries and unresolved final settlements,” it added.

Classplus – backed by Alpha Wave Global, Tiger Global Management, RTP Global, Owl Ventures, Peak XV’s Surge, GSV Ventures and Blume Ventures – did not immediately respond to ET’s request for a comment on the matter.

The Noida-based company, valued at over $600 million in 2022, operates as a SaaS startup, providing tools to educators and coaching centres to create customised applications. The company was founded in 2015.

In February 2024, Classplus announced its second employee stock ownership plan (ESOP) buyback in three years. Over 150 employees, across roles and business verticals, were eligible to liquidate their vested shares by selling them back to the company.

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