PhysicsWallah post-money valuation reached $1.1 billion upon completion of the transaction. It plan to use the incoming fund to expand its geographic reach, grow the business, enhance the brand, and introduce more courses. India seventh edtech unicorn said that more than 10,000 student who studied with him have cracked NEET and JEE in 2020 and 2021
India’s 101st Unicorn, Raises $100 Mn
Noida based edtech platform PhysicsWallah, also known as PW, has become India’s 101st unicorn and first unicorn in nearly a month as it raised $100 million in a Series A funding round of Westbridge and GSV Venture. The startup’s post money valuation reached $1.1 billion upon completion of the transaction.
The edtech player has said that he plans to deploy the incoming fund for business expansion, branding, the introduction of more courses and the opening of more learning centers across India.
Founded in 2020 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah is an educational technology startup focusing on competitive exam preparation for NEET and IIT/JEE. PW started as a YouTube channel in 2016 and the two co founder developed the app and website in 2020.
India seventh edtech unicorn has said that more than 10,000 of its student have cracked NEET and JEE in 2020 and 2021.
Alakh Pandey, Co Founder and CEO of PW, said This latest development will help us advance our vision and implement new initiatives to increase student learning journey, enabling them to reach new height in their careers. Our commitment remains ‘every dollar spent at PW is for the good of the student.
Sandeep Singhal, MD, Westbridge Capital, said PW is one of the rare startup with a deep understanding of the education that Bharat needs today. The founder’s focus on student learning outcomes excites us and we look forward to a long association with them.
According to Pandey, PW has been profitable from inception with positive cash flow and reserves. Our revenue grew 9 times in the year 2021-2022 compared to 2020-2021. Our current run rate for fiscal year 2023 is $65 million, the co-founder added.
PhysicsWallah is working to launch educational content in nine vernacular languages, targeting more than 250 million learners by 2025.
PW will also establish 20 offline training centers across the country, having already established 20 centers in 18 cities. According to PhysicsWallah, it has more than 10,000 students enrolled for the 2022-2023 session. Current funding will also be used to expand its geographic presence in the country.
India edtech segment has already produced six unicorns. PhysicsWallah joins the ranks of Byju’s, Unacademy & Vedantu.
The funding round comes as edtech has seen a wave of layoffs in the edtech sector amid fears of a widespread funding winter. So far, eight edtech startup, including Unacademy and Vedantu, have laid off more than 3,000 employees by 2022.
India startup ecosystem had minted its 100th unicorn in early May, after neo banking startup Open hit unicorn valuation. Open was the first unicorn since March 2022 and with PhysicsWallah the unicorn count finally passed 100.