PhysicsWallah, an edtech platform for engineering and medical entrance exams, has raised $100 million (round ₹777 crore) in its Collection A funding spherical from marquee traders Westbridge and GSV Ventures, hitting a unicorn valuation in its maiden fundraise.
With this growth, the agency has turn out to be India’s one hundred and first unicorn and the primary edtech participant this 12 months to the touch the coveted unicorn (valuation of over $1 billion) membership, the corporate mentioned in an announcement.
The Noida-based on-line studying platform will utilise these funds for enterprise growth, branding, opening extra PW studying centres, and introducing extra course choices. PW at the moment has 5.2 million Android downloads and 6.9 million subscribers on YouTube.
Launched through the pandemic in 2020, PhysicsWallah (PW) goals to arrange college students for engineering and medical entrance examinations. Based by Alakh Pandey and Prateek Maheshwari, PW specialises in giving complete lectures and periods on YouTube, the PW app, and the web site for college kids aspiring for NEET, JEE Mains.
The edtech platform facilitates interactive instructional content material within the type of lectures and audio-visual media. In 2020 and 2021, over 10,000 college students cracked aggressive exams like NEET and JEE. The platform claims that a minimum of one pupil in six medical and one in ten engineering schools in India are PW alumni, based on an organization assertion.
“This newest growth will assist us additional our imaginative and prescient and implement new initiatives to enhance the journeys of scholars, enabling them to achieve new heights of their careers. Our dedication stays ‘each greenback spent in PW is for the higher good of learners’,” mentioned Alakh Pandey, Founder and chief government officer of PW.
Sandeep Singhal, managing director, WestBridge Capital, mentioned, “The Indian edtech ecosystem has grown significantly over the past two years; nonetheless, current developments have demonstrated the first-hand significance of an environment friendly edtech Infrastructure. PW creates long-tail worth for learners by delivering high-quality training at a democratic value. PW is without doubt one of the uncommon startups with an understanding of the training that at the moment’s India wants. The founder’s concentrate on studying outcomes of scholars excites us and we sit up for an extended partnership with them.”
The corporate, Pandey says, has been worthwhile since inception with optimistic money flows and reserves. Its income grew nine-fold in FY22 as firm to a 12 months in the past with an estimation to develop to $65 million in FY23 ending in March subsequent 12 months.
In 2016, PW first commenced operations as a YouTube channel by Alakh Pandey. Through the pandemic of 2020, Alakh joined fingers with Prateek Maheshwari to work on a expertise resolution for college kids by launching the PW app. The corporate at the moment boasts over 85 lakh subscribers.
PW mentioned it goals to attach with 250 million+ college students, reaching each nook of the nation by 2025.
The edtech agency at the moment has 1,900 workers, together with 500 lecturers and 90-100 tech specialists. It additionally has 200 affiliate professors out there to deal with pupil queries and one other 200 professionals to create examination questions and time period papers.
The fundraise comes at a time when the edtech area is witnessing an enormous churn and funding crunch leading to mass layoffs and resignations.
Being the most recent unicorn within the edtech sector, PhysicsWallah now joins the ranks of others equivalent to Byju’s, Unacademy, Vedantu, Lead Faculty and upGrad on this area.
“Whereas many pundits say that the bloom is off the rose for Indian edtech, we at GSV Ventures imagine the flowers are simply starting to bloom as extraordinary entrepreneurs are democratizing studying and expertise supply for the 90% of India nonetheless untouched by the edtech revolution…the corporate (PW) is disrupting the check preparation market (at the moment JEE and NEET) delivering low-cost options,” mentioned Deborah Quazzo, Managing Accomplice, GSV Ventures.
Supply: Live Mint