EdTech Startup Physics Wallah Raises $100 Million, Creates New Unicorn

Startup

EdTech startup Physics Wallah has raised $100 million in Series A funding from Westbridge and GSV Ventures. He has become India’s 101st unicorn and the first EdTech player to achieve the milestone. The company has announced this on Tuesday.

Once the transaction is completed, the company will be valued at $1.1 billion, the company said in a statement.

Physicswala said it will use this money for business expansion, branding, opening more learning centers and offering more courses.

“We are delighted to join the unicorn bandwagon with this latest funding. This development allows us to further our vision and take new initiatives to enhance the learning journey of students,” the company said in a statement, Founder and CEO, Alakh Pandey. So that they can reach new heights in their careers.”

Founded in 2016 by renowned YouTube STEM teacher Alakh Pandey and later joined by technical executive Prateek Maheshwari, Physics Wallah provides online and offline courses and study materials for JEE, NEET and other engineering entrance and state board exams.

The platform provides live classes, video lectures, test series and dynamic exercises for the above exams.

The EdTech Platform Currently Has 5.2 Million Play Store Downloads With A 4.7 Rating and 6.9 Million Subscribers on YouTube

The firm currently has 1900 employees, including 500 teachers and 90-100 technical experts. It has 200 Associate Professors to answer the questions of the students and another 200 professionals to prepare the exam questions and term papers.

The announcement of the new funding comes amid a slowdown in EdTech players in India, including cutting costs at Byju’s-led WhiteHat Jr., Unacademy, and laying off staff due to lack of funds.

“The company has been profitable since inception with positive cash flow and reserves,” Pandey said. “Our revenue grew 9 times in 2021-2022 as compared to 2020-2021. Our current run rate for FY2023 is $65 million,” he added.

With a target to reach every nook and corner of the country and connect with over 250 million students by 2025, Physics Wallah is also set to launch educational content in 9 local languages ​​including Bangla, Marathi, Tamil, Telugu, Gujarati, Odia, Malayalam and Kannada Is.

The firm is trying to bridge the accessibility gap by opening 20 offline coaching classrooms across India.

Physics Wallah has established more than 20 centers in 18 cities with over 10,000 students enrolled for the session 2022-2023.

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