[Funding alert] Edtech startup PhysicsWallah joins unicorn club, raises $100M in Series A
Edtech platform PW () said on Tuesday it has raised $100 million in Series A funding from UK-based Westbridge and GSV Ventures, a global VC fund focused on digital education, at a valuation of $1.1 billion.
This makes PW India's 101st unicorn.
In a statement, the startup said it will use the funds to expand its business, open more learning centres, and introduce more courses.
"Since its inception, we have focused on delivering high-quality education with affordability at the forefront, ensuring that learners from all walks of life can continue their higher education and boost their career trajectory without any hassles," said Alakh Pandey, Founder and CEO of PW.
He added that PW has been profitable since its inception and has positive cash flows and reserves. In FY22, the startup's revenue rose nine-fold, claimed Alakh. The current run rate for FY23 is $65 million.
PhysicsWallah becomes India's 101st unicorn
"PW creates long-tail value for learners by delivering high-quality education at a democratic price. PW is one of the rare startups with a profound understanding of the education that BHARAT today needs," said Sandeep Singhal, Managing Director of WestBridge Capital.
PW began as a YouTube channel by Alakh in 2016.
In 2020, it was officially incorporated by Alakh Pandey and Prateek Maheshwari. The startup helps students prepare for engineering and medical entrance exams by providing them with affordable guidance.
It has 1,900 employees, including 500 teachers, as well as 200 associate professors. On the Google Play Store, the PW app has 5.2 million downloads, while the YouTube channel has 6.9 million subscribers.
PW is looking to open 20 offline coaching classrooms across India, and is already on track to launch its educational content in nine vernacular languages. It aims to enrol 250 million-plus students by 2025 on the platform.
PW joins India's six other edtech startups—, , , , and — in the unicorn club.