PhysicsWallah to Raise $150 Million From New, Existing Investors: Report

Edtech platform PhysicsWallah is all set to raise $150 million at a $2.8 billion valuation. This is as per a report by Entrackr. New investors as well as existing investors will be participating in the round. 

The existing investors include Westbridge and GSV Ventures, according to the report. Speaking to Entrackr, a source said, “PhysicsWallah is set to raise $150 million from new and existing backers.” While the terms of the deal have been sealed, they will be made public soon. 

In June 2022, the edtech firm raised $100 million and joined the unicorn club in a Series A round. The valuation for the same was $1.1 billion. After the fundraiser, Alakh Pandey, cofounder of Physics Wallah, said, as per the Economic Times, “This latest development will help us further our vision and implement new initiatives to augment the learning journeys of students, thereby enabling them to reach new heights in their careers. Our commitment remains that every dollar spent in Physics Wallah is for the greater good of learners.” 

This will be the second fund raise for the company. This fundraise is coming at a time when several edtech platforms are either facing a financial crunch or on the verge of a slowdown. Speaking to Entrackr, a source said, “PhysicsWallah will be valued at around $2.8 billion in the new round.” 

The ed-tech company was last valued at $1.1 billion in its last funding, and it indicates a 2.5X jump in its valuation. Physics Wallah has been on the news recently after the company’s founder, Alakh Pandey, filed a PIL on the NEET results. 

Pandey, who has been seeking a probe into the matter, has been vocal about the discrepancies that happened in the NEET exam. 

While the company hasn’t disclosed its FY24 results yet, in FY23, its net profit dropped to Rs 8.9 crore from Rs 98 crore in FY22. At the same time, the company’s revenue increased to 798 crore in FY23, a 3.4-fold surge from the year before.