The employee stock ownership plan (ESOP) buyback for more than 150 employees has been announced by the Edtech company Classplus. In the past three years, the company has announced two buybacks.
According to a press release from Classplus, more than 150 workers in various roles and business verticals are qualified to sell their vested shares back to the company in order to liquidate them. The transaction details were not disclosed by the firm.
Classplus is a mobile-first SaaS platform that assists creators in monetizing their content to create successful online businesses. It was founded in 2018 by Mukul Rustagi and Bhaswat Agarwal. They can start their own books, live webinars, one-on-one consultations, recorded courses, and merchandise on Classplus.
Classplus states that it serves more than 50 million students by having digitalized creators in more than 3,000 cities.
Since its founding, Classplus has raised approximately $150 million from a variety of investors, including Abu Dhabi-based Chimera Ventures, Tiger Global, AWI, RTP Global, Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, Strive, and Times Internet.
From Rs 45.4 crore in FY22 to Rs 149.2 crore in FY23, Classplus’s total revenue increased by 3.3X. In the most recent fiscal year, the company reported a loss of Rs 256 crore.
