Edtech Start-up PhysicsWallah Raises $100 Million, Becomes India's 101st Unicorn

PhysicsWallah was founded in 2016 by YouTube STEM educator Alakh Pandey and later joined by tech executive Prateek Maheshwari

PhysicsWallah said it will utilise the fresh funds for business expansion, branding, opening more learning centres, and introducing more course offerings.

Source : Company

PhysicsWallah an edtech start-up, has raised $100 million in Series A funding from Westbridge and GSV Ventures, becoming the country’s 101st unicorn, IANS reported.

PhysicsWallah became the first edtech player to achieve this milestone, the company said on Tuesday. In a statement, the company said once the transaction is completed, the firm will be valued at $1.1 billion.

The start-up said it will utilise these funds for business expansion, branding, opening more learning centres, and introducing more course offerings.

Alakh Pandey, founder and CEO, PhysicsWallah, said, “We are delighted to join the unicorn bandwagon with this latest funding. This development will help us further our vision and implement new initiatives to augment the learning journeys of students, thereby enabling them to reach new heights in their careers.”

PhysicsWallah was founded in 2016 by YouTube STEM educator Alakh Pandey and later joined by tech executive Prateek Maheshwari. It offers online and offline courses and study materials for JEE, NEET, and other engineering entrance and state board exams. The platform offers live classes, video lectures, test series and dynamic exercises for the aforementioned exams.

Currently, the edtech platform has 52 lakh PlayStore downloads with a 4.7 rating and 69 lakh subscribers on YouTube.

The start-up has 1900 employees, including 500 teachers and 90-100 tech experts. It also has 200 associate professors available to answer student queries and another 200 professionals to create exam questions and term papers.

The new funding announcement comes amid a downturn of edtech players in India, with many including BYJU's-led WhiteHat Jr, Unacademy cost cutting and laying off employees due to fund crunch.

"The company has been profitable since inception with positive cash flows and reserves," said Pandey. "Our revenue grew ninefold in the year 2021-2022 vis-a-vis 2020-2021. Our current run rate for FY23 is at $65 Million," he added.