Following the sale, PhysicsWallah’s post-money valuation reached $1.1 billion.It intends to utilise the forthcoming cash to increase branding, grow the company, broaden its geographic reach, and offer new courses.
More than 10,000 students who studied with India’s sixth edtech unicorn claimed that they passed the NEET and JEE in 2020 and 2021.
The Noida-based edtech platform PhysicsWallah, popularly known as PW, has secured $100 Mn in a Series A fundraising round from Westbridge and GSV Ventures, making it India’s 101st unicorn and the first unicorn in almost a month. Following the close of the deal, the startup’s post-money valuation hit $1.1 Bn.
According to the edtech player, it intends to use the incoming cash for company growth, branding, adding additional courses, and creating more learning centres around India.
Founders Of PhysicsWallah
Alakh Pandey and Prateek Maheshwari established PhysicsWallah in 2020 as an educational technology company with an emphasis on NEET and IIT/JEE competitive test preparation. According to the seventh-ranked edtech unicorn in India, more than 10,000 of its students passed the JEE and NEET exams in 2020 and 2021. See our in-depth account of how PW created a sustainable unicorn that prioritised organic development.
PW began as a YouTube channel in 2016, and the app and website were created by the two cofounders in 2020.
“This recent step will enable us expand our goal and execute new initiatives to enrich the learning journeys of students, hence helping them to reach new heights in their professions,” said Alakh Pandey, cofounder and CEO of PW. Every money spent in PW is for the benefit of students, as is our pledge.
“PW is one of the few businesses with a great knowledge of the education that Bharat today needs,” stated Sandeep Singhal, MD of Westbridge Capital. We are excited by the founder’s focus on students’ learning outcomes and anticipate a fruitful cooperation with them.
Pandey claims that PW has had positive cash flows and reserves ever since it was founded and has been successful. “Compared to the year 2020-2021, our income increased ninefold in 2021–2022. The cofounder said, “Our current run rate for FY 2023 is at $65 Mn.
WATCH NOW ON AMAZON MINI TV
What About Future ?
By 2025, PhysicsWallah hopes to publish teaching materials in nine local languages, reaching more than 250 million children.
After opening 20 centres in 18 locations previously, PW will open 20 offline coaching centres around the nation. For the 2022-2023 academic year, more than 10,000 students have signed up, according to PhysicsWallah. The present money will also be utilised to increase the company’s geographic reach across the nation.
The edtech industry in India has already given birth to six unicorns. BYJU’S, Unacademy, and Vedantu are now joined by PhysicsWallah. PW, which reported earnings of INR 6.92 Cr in FY21, is the only profitable unicorn in the edtech sector.
The fundraising round comes as the edtech industry has experienced a wave of layoffs due to concerns about a general financial winter. In 2022, eight edtech startups—such as Vedantu and Unacademy—have already let go of more than 3,000 workers.
After the neobanking firm Open reached unicorn value in early May, India’s startup ecosystem had produced its 100th unicorn. Since March 2022, Open was the last unicorn to appear, and with the addition of PhysicsWallah, the total has now surpassed 100.
