Online learning platform PhysicsWallah becomes India’s 101st unicorn with $100 mn Series A funding
- ByStartupStory | June 7, 2022
PhysicsWallah, an educational technology business, has secured $100 million in Series A investment from Westbridge and GSV Ventures. With this, the company has become India’s 101st unicorn and the second ed-tech company to do so.
This transaction is worth $1.1 billion post-money, according to PhysicsWalla. According to a press statement from Physicswallah, the firm wants to use the capital to expand its business, and the market itself, open additional PW learning centres and add new course offerings to its portfolio.
Physics Wallah is an online and offline course and study material provider for JEE, NEET, and other engineering entrance and state board examinations. It was founded in 2016 by Alakh Pandey and later joined by Prateek Maheshwari. For the aforementioned tests, the site provides live seminars, video lectures, test series, and dynamic activities.
The company presently employs 1,900 people, including 500 teachers and 90-100 IT professionals. It also has 200 associate professors on staff to help students with their questions, as well as another 200 experts who generate test questions and term papers.
PhysicsWallah has 20 offline facilities in 16 cities, including Delhi, Bhopal, Varanasi, Lucknow, Pune, Patna, and Ranchi, in addition to YouTube and apps. It has around 7 million subscribers on YouTube.
PhysicsWallah, unlike many VC-backed ed-tech startups, made a profit of Rs 6.92 crore in FY21. During the financial year, the platform produced Rs 24.6 crore in income from operations, and it recently claimed that revenue increased by a factor of ten to Rs 350 crore in FY22.
In the year 2022, PhysicsWallah has become the second bootstrapped education startup to obtain a big amount of funding from institutional investors. ALLEN Career Institute, situated in Kota, received a $600 million investment from Bodhi Tree Systems earlier this month.
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