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Tuesday, February 27, 2024

Maiden fundraise to help edutech startup Physics Wallah become unicorn

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Physics Wallah (PW) is in talks to raise funds with Westbridge and GSV Ventures. The funding is expected to help the startup become a unicorn.

According to two persons familiar with the facts of the proposed transaction, Physics Wallah is in late-stage talks to seek capital with Westbridge and GSV Ventures.

PW provides JEE, NEET, and other engineering entrance exam classes and study materials both online and offline.

While the platform and its app have gained a lot of attention in the last two years, it has suddenly turned out to be a hot option for investors.

“The conversations with Westbridge and GSV Ventures have been going on for a few of months, and the two investors, along with a few others, are expected to put in $100 million in Physics Wallah,” said one of the persons who asked to remain anonymous since the talks are confidential.

PW (Physics Wallah), founded in 2016 by Alakh Pandey and later joined by Prateek Maheshwari, has been a pure-play bootstrapped firm until now.

According to Sensor Tower data, the Delhi-based startup has over 6.4 million followers on YouTube and 4.2 million downloads on its app.

For JEE, NEET, and board exams, the site provides live classrooms, video lectures, test series, and interactive exercises (12th).

PW’s (Physics Wallah) price point sets it apart from the competition, as the company charges only Rs 3,500 for the full JEE and NEET tests.

Aside from YouTube and applications, it also operates 20 offline facilities in 16 cities.

“Physics Wallah will be valued anywhere near $1 billion, and the deal is [anticipated] to be revealed in a few weeks,” added the second insider, who also requested anonymity.

“PW’s aim is value creation and wishes to construct not just an organisation but a “piece-of-art” that remains a life-long learning partner for the students,” PW (Physics Wallah) stated in a statement.

Westbridge and GSV elicited no quick reaction.

The pandemic has compelled offline educational institutions to embrace technology in a large way.

Lupa Systems’ involvement in Kota-based Allen Institutes may also indicate this.

Lupa, chaired by James Murdoch, is in late-stage talks to acquire a 30-35 percent share in Allen for over $400 million.

Allen is likely to be worth around $1.2 billion in the deal.


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