Test preparation app Abhinay Maths has raised an undisclosed capital from edtech platform Classplus.
Noida-based Abhinay Maths plans to use the funds for business expansion, branding and marketing.
"This strategic investment from Classplus will also allow us to use the leverage of technology and provide cost-effective test prep coaching to millions of government job seekers from tier 2, 3, and 4 cities" said Abhinay Sharma, founder and chief executive officer, Abhinay Maths.
Founded by Sharma in 2017, Amcp Edutech Pvt Ltd which operates Abhinay Maths focuses on competitive exams such as Staff Selection Commission Combined Graduate Level (SSC-CGL), Bank (Probationary Officer), Railways and other government exams.
The startup was initially launched as an educational YouTube channel, wherein it garnered around 2.5 million subscribers. Subsequently, it had launched an application in association with Classplus that claims to serve over 200,000 students in around 500 cities and towns across the country.
Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile-first software-as-a-service (SaaS) platform that enables educators and content creators to build their online presence, digitize their offline education centres and monetize them as well.
In March last year, Classplus had raised $70 million as part of its Series D funding round which was co-led by Tiger Global Management and Alpha Wave Global.
The edtech startup has cumulatively raised $160 million from a host of investors including RTP Global, Blume Ventures, Sequoia Capital India’s Surge, and Spiral Ventures amongst others.
Currently, the edtech sector has been facing unprecedented difficulties with mass layoffs and edtech startups shutting shop. Some of the biggest names in the edtech industry like Byjus, Vedantu, and Unacademy have had to hand pink slips to their employees.
Even the startups that have been able to raise money, have raised considerably smaller amounts of funding. For instance, Ahmedabad-based edtech startup Saarthi Pedagogy on Tuesday marked the final close of its pre-Series A funding round at $3.7 million (around Rs 30 crore). Prior to that, learning management system startup Toddle secured $17 million led by Sequoia Capital India in a Series A fundraise.
