PE Fund Investments
Edtech co PhysicsWallah raises $100-M from WestBridge, GSV Ventures; turns unicorn
Noida-based online and offline test preparation firm Physics Wallah has raised USD 100 million in its maiden funding round led by WestBridge Capital and GSV Ventures. The round valued the company at USD 1.1 Billion, making it the latest entrant into the unicorn club. PhysicsWallah prepares students for competitive engineering and medical entrance examinations. The company currently claims to have over 1 lakh students availing of its services. The startup plans to use the funds for business expansion, branding, to open more offline learning centres, and for introducing more course offerings. Physics Wallah is also planning to launch content in Bengali, Marathi, Tamil, Telugu, Gujarati, Odia, Malayalam, and Kannada. It has 1,900 employees, including 500 teachers. It also has 200 associate professors available to answer student queries and another 200 professionals to create exam questions and term papers. The profitable company claims to have a revenue current run rate of USD 65 million for FY23 and that its revenues grew 9-fold in FY22 over FY21.
From the Venture Intelligence Private Company Financials Database: In FY21, PhysicsWallah had reported operational income of about INR 25 crore and a PAT of almost INR 7 Cr. (Subscribers to the database can login to view the detailed financials.)
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