Physics Wallah was founded in 2020 by Alakh Pandey and Prateek Maheshwari and operates tech-enabled offline and hybrid centers for K-12 students in 105 towns across the country. It also offers test preparation verticals for various exams, a skilling arm, and study abroad verticals.
Physics Wallah will become India’s first edtech business to float on a stock exchange if its IPO plans are approved.
On Friday (September 20), the edtech business announced that it has raised $210 million in its Series B fundraising round, led by Hornbill Capital. Lightspeed Venture Partners joined the round, as did current investors GSV Venture and WestBridge Capital.
It joined the unicorn club in 2022 after raising $100 million in its first fundraising round from WestBridge and GSV at a valuation of $1.1 billion. It competes with BYJU’S, Unacademy, Vedantu, and others.
Physics Wallah’s net profit fell more than 90% year on year (YoY) to INR 8.9 crore in FY23, while operational revenue increased 234% YoY to INR 779.3 crore. Its cofounder and CEO, Maheshwari, told Inc42 that the firm generated INR 1,975 crore in FY24.