DSK Legal Advises Rising Stars in Selling Part of its Stake in Bunch Microtechnologies to Tiger Global

DSK Legal advised Rising Stars I Opportunities Cooperatief U.A. (“Rising Stars”) in selling part of its stake in Bunch Microtechnologies Private Limited (“Classplus”) to Internet Fund VII Pte. Ltd. (“Tiger Global”).

Rising Stars is a Netherland based founder focused venture capital fund. Internet Fund VII Pte Ltd, is an affiliate PE find of Tiger Global. 

Bunch Microtechnologies Private Limited, is doing business as Classplus and provides software solutions. Classplus mobile-first platform allows private coaching institutes and their tutors to streamline content distribution, payments, communication and online assessments on a single platform. Tutors can conduct online assessments on the app, deliver their live lessons, automate their daily tasks, run student engagement programmes along with building and marketing their online courses.

Classplus has raised $65 million in its Series C round led by Tiger Global. GSV Ventures, Falcon Edge’s AWI, Blume Ventures and RTP Global also participated in the round.This is the fourth round of funding raised by Classplus in the last 15 months. Sequoia Capital’s Surge, Times Internet and BCCI President Sourav Ganguly also invested in the company in its previous round.

Tiger Global along with the primary investment in Series C round also did secondary purchase from Rising Stars. 

DSK Legal assisted Rising Stars in inter alia: (i) structuring of the entire transaction; (ii) reviewing, revising and negotiating of the Share Purchase Agreement; and (iii) Closing of the transaction." 

Date of Execution of Definitive Transaction Documentation: June 19, 2021.

Date of Closing: June 29, 2021.

The DSK core team representing Rising Stars, for the transaction comprised of Mr. Harvinder Singh, Partner and Ms. Shubhi Ameriya, Senior Associate.

Mr. Anjan Dasgupta, Partner, acted as the relationship partner and provided strategic inputs on the transaction.

Classplus was represented by Indus Law. 

Tiger Global was represented by Nishit Desai Associates. 

 
KPMG acted as financial advisor to Rising Stars.