Ed-tech agency PhysicsWallah (PW) has raised USD 100 million (about Rs 777 crore) in sequence A funding from Westbridge and GSV Ventures at a valuation of $1.1 billion, the corporate talked about on Tuesday. With this improvement, the agency claims to have turn out to be India’s a hundred and first unicorn and the primary edtech participant to attain the milestone within the sequence A funding spherical.
“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,” Alakh Pandey, founder and CEO, PW stated within the assertion.
The firm plans to utilise these funds for enterprise enlargement, branding, opening extra PW studying centres, and to introduce extra course choices, the ed-tech startup acknowledged in a press release.
PW claims to have 5.2 million Play Store downloads with a 4.7 score and 6.9 million subscribers on YouTube.
PW at present has 1,900 workers, together with 500 lecturers and 90-100 tech consultants. It additionally has 200 affiliate professors out there to reply pupil queries and one other 200 professionals to create examination questions and time period papers.
“The company has been profitable since inception with positive cash flows and reserves. Our revenue grew nine-fold in the year 2021-2022 vis-a-vis 2020-2021. Our current run rate for FY2023 is at $65 million,” Pandey stated.
The platform claims that no less than one pupil in six medical and one in ten engineering schools in India are PW alumni.
“PW is one of the rare startups with a profound understanding of the education that Bharat today needs. The founder’s focus on learning outcomes of students excites us and we look forward to a long partnership with them,” Sandeep Singhal, managing director, WestBridge Capital stated.
As a part of its upcoming development plans, PW is gearing as much as launch instructional content material in 9 vernacular languages, together with Bengali, Marathi, Tamil, Telugu, Gujarati, Odia, Malayalam, and Kannada.
“The core idea behind this step is to reach every corner of the country and connect with over 250 million students by 2025. The firm looks to bridge the accessibility gap by opening 20 offline coaching classrooms, aka Pathshala, across India. PW has established more than 20 centres across 18 cities with more than 10,000 students enrolled for the 2022-2023 session,” the assertion stated.
With inputs from PTI.
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Source: www.financialexpress.com”