The acquisition will allow PhysicsWallah to strengthen its existing services and improve the learning experience for student. The edtech unicorn did not disclose the financial outlines of the deal. FreeCo is a resource management and query resolution startup serving B2B and B2C client.
PhysicsWallah Acquires FreeCo
Edtech platform PhysicsWallah announced on Wednesday Aug 17 the acquisition of another edtech startup, FreeCo. However, he did not disclose the financial details of the deal.
The acquisition will allow PhysicsWallah to strengthen its existing services and enhance the learning experience for students. Both teams will work together in domains such as content library, faculty management and efficient utilization of resources in two new companies.
PhysicsWallah will also leverage the expertise of the FreeCo team to enhance its current query resolution offerings and update its existing suite of products and services.
With FreeCo expertise in the edtech space, we are confident to innovate our existing learning pedagogies and deliver enhanced learning solutions to aspiring learners. Our goal is to simplify student learning using advanced tools and technologies, making it more accessible and student oriented, said PhysicsWallah CEO and Co-Founder Alakh Pandey.
As part of the deal, PhysicsWallah will add 15 FreeCo employees to its rosters.
Founded in 2020 by Pandey and Prateek Maheshwari, PhysicsWallah primarily targets students preparing for competitive exams such as NEET and JEE. It also forayed into the offline space by launching ‘PW Vidyapeeths’ in six locations including Kota and Delhi.
Additionally, the unicorn also operates hybrid classes in 22 cities across India, covering 10 Lakh student. PhysicsWallah aims to reach more than 250 million students by 2025.
This is PhysicsWallah first acquisition since its $100 million mega-fundraiser in June of this year. It was this fundraising that landed the startup in the unicorn club, making it the 101st startup to do so.
On the other hand, FreeCo was founded in 2020 by Prashant Soni and Nikhil Chaudhary. It is a resource management and query resolution startup that serves B2B and B2C clients. It offers content services, online tutoring, pen tab video solutions, among other services.
The Jaipur based startup claims to have worked with 28 B2B clients, including big edtech companies like BYJU’S, Unacademy, Brainly, and Doubtnut.
Even as India boasts of having six unicorns in the edtech space, Physics Wallah is the profitable unicorn online, posting a profit of INR 6.92 Cr in FY2020-21 FY21 & generating revenue of INR 350 Cr in FY22.
Meanwhile, the edtech space continues to be trapped by the so-called funding winter. Amid recession fears and tighter monetary policies, the edtech space has been hit the hardest.
While two edtech startup, Crejo and Udayy, closed their doors in 2022, nine edtech companies, including Unacademy, Vedantu, have laid off nearly 4,100 employees so far this year.