Physics wallah: Physics Wallah online learning platform joins unicorn club with $ 100 million grant

Bangalore: Online educational adventure started Physics is fine raised $ 100 million in its first edition financing round led by WestBridge Capital and GSV Ventures, making it the latest edtech to enter India unicorn club. The company is worth $ 1.1 billion, the company said in a statement prepared on Tuesday. Unicorns are private startups with a valuation of $ 1 billion or more.

Other edtech unicorns include the likes of Byju’s, not academyEruditus, Vedantu, UpGrad and Lead School.

the to boot plans to use the funds for business expansion, branding, opening more offline learning centers and introducing more course offerings, he said in a prepared statement.

Physics Wallah also plans to launch educational content in nine vernacular languages, including Bengali, Marathi, Tamil, Telugu, Gujarati, odia, Malayalam and Kannada. The central idea is to reach every corner of the country and connect with 250 million people. students by 2025, the startup, the company said.

“This latest development will help us advance our vision and implement new initiatives to increase student learning paths, enabling them to reach new heights in their careers. Our commitment remains that every dollar spent on Physics Wallah is for the greater good of students, ”said Alakh Pandey, co-founder of Physics Wallah.

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Founded by Pandey and Prateek Maheshwar in 2016, Physics Wallah prepares students for competitive engineering and medical exams. The company currently claims to have over 10 million students using its services.

“India’s edtech ecosystem has grown considerably over the past two years; however, recent developments have shown the first-hand importance of an efficient edtech infrastructure. Physicas Wallah creates long-tail value for students by providing high-quality education at a democratic price, ”said Sandeep Singhal, chief executive officer of WestBridge Capital.

Physics Wallah specializes in delivering full lectures and sessions on YouTube, as well as distributing it via its proprietary Physics Wallah app and website for students aspiring to take the National Eligibility Entrance Test (NEET) and Joint Entrance Exam (JEE) . In addition to YouTube and apps, it also operates 20 offline centers in 16 cities.

The edtetch startup currently has 1,900 employees, including 500 teachers and 90-100 tech experts. It also has 200 associate professors available to answer student questions and another 200 professionals to create exam questions and term papers.

“The company has been profitable from the start with positive cash flows and reserves,” said Pandey. “Our revenue has grown a lot in the year 2021-2022 compared to 2020-2021. Our current execution rate for fiscal year 2023 is $ 65 million,” she added.

The investment comes at a time when major Indian edtech unicorns are facing a slowdown in funding and are looking for ways to cut costs and increase runways. In recent months, major edtechs including Unacademy and Vedantu have fired employees in an effort to extend the track.

Last month, Unacademy founder Gaurav Munjal, whose company recently fired more than 1,000 employees and contract employees,
told employees an email that “winter is here” and that cost reduction would be the company’s main goal as funding remains scarce at least for the next 12-18 months.

In the first week of June,
Startup Edtech Udayy stops its operations, firing around 100-120 employees due to a slowdown in its business following the opening of offline schools and kindergartens. Smaller startups like Lido Learning and Frontrow have also fired several employees, as investors take a cautious approach to supporting startups.

Several edtech companies are currently venturing into hybrid learning models involving both online and offline learning to combat the post-pandemic slowdown and school opening. Physics Wallah operates more than 20 offline centers in 18 cities with over 10,000 students enrolled for the 2022-2023 session, the company said.

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