SUMMARY
Gandhinagar-based GyanLive caters to state government job aspirants with test prep courses since 2019
With this investment, GyanLive plans to expand into national level government job exams and school exam preparation in regional languages
Over the years, Classplus has backed edtech startups like Abhay Maths, Saarthi, Testbook and others. A few of these investments have been muddled in controversies
Edtech unicorn classplus
has announced an undisclosed strategic investment in Gujarat based state government exam prep startup GyanLive.
Based in Gandhinagar, the startup was founded by Taral Patel, Mahesh Ahjoliya, and Chetan Patel to cater to state government job aspirants with test prep courses in 2019. The startup claims to be profitable since inception, however Inc42 could not verify this claim since the company has not filed its financials since inception.
GyanLive plans to deploy funds raised from Classplus to expand into national level government job exams and school exam preparation in regional languages.
For this expansion, the startup will also be leveraging Classplus’ technology to improve its tech stack. “Over the last few years, GyanLive has solidified its position in the government exam preparation category in Gujarat, and this partnership allows us to broaden our impact and make our learning solutions available to more and more students in India,” Patel said.
On the other hand, Classplus said that the investment marks another addition to its mission of empowering educators, content creators, and learners across India with technology.
“We are thrilled to partner with GyanLive, a company that shares our vision of making quality education accessible to all. Excited to support their next phase of growth,” Classplus’ CEO and cofounder Mukul Rustagi said in a statement.
Classplus was founded in 2018 as a learning management platform with full-stack mobile solutions for educators. It is backed by the likes of Tiger Global, Peak XV Partners, Blume Ventures, and Alpha Wave Ventures.
The edtech unicorn has made multiple investments in edtech startups like Abhay Maths, Saarthi, Testbook, among others, over the years. It is pertinent to note that a few of these investments have been muddled in controversies.
For instance, Abhinay Sharma, the founder of test prep platform Abhinay Maths, filed an FIR against the founders of Classplus, accusing them of cheating, forgery, fraud, and copyright infringement last month.
In 2023, Saarthi’s cofounder Chiraag Kapil and investors also filed a lawsuit against Classplus in the Delhi High Court (HC) for alleged cheating and criminal breach of trust.
The common theme in both the matters were that the complainant startups didn’t receive the dues in their stipulated agreements.
Meanwhile, Classplus’ net loss jumped 57% year-on-year to INR 256.6 Cr in FY23, while operating revenue nearly quadrupled to INR 102.04 Cr.
