PhysicsWallah names Ajinkya Jain as company secretary, compliance officer ahead of IPO
Ajinkya Jain’s appointment comes as PW prepares for its IPO, bringing his expertise in IPOs and M&A activities to support the company’s corporate governance and legal compliance.
IPO-bound edtech unicorn PhysicsWallah (PW) has named Ajinkya Jain as its group general counsel, company secretary, and compliance officer.
Jain’s appointment comes as the Noida-based edtech firm gears up for its initial public offering (IPO). His expertise in leading IPOs and handling M&A activities will support PW’s corporate governance and legal compliance, the edtech said.
Before joining PW, Jain led the IPO of Unicommerce eSolutions Limited in August 2024. He served as key managerial and senior management personnel at Unicommerce and as group company secretary at AceVector Limited (formerly Snapdeal Limited).
Prior to his two-and-a-half-year tenure in these roles, he worked with Games24x7, PharmEasy, and Future Generali India Insurance Company Limited.
“Ajinkya’s experience in legal and corporate governance will be invaluable as we attempt to expand and innovate in the education space,” said Alakh Pandey, CEO and Founder of PhysicsWallah.
In November, PW appointed former Blinkit CFO Amit Sachdeva as its chief financial officer, following the announcement of its FY 2023-24 financial results.
PW saw its losses widen significantly in FY24, fuelled by a sharp rise in employee benefit costs and other expenditures, casting a shadow over a 2.6-fold increase in operating revenue.
The heavy losses came on the back of the edtech company’s rapid expansion over the past couple of years. PW, which initially focused on the test-prep segment, has rapidly diversified its educational offerings over the past few years to encompass everything—from school education to skills training—casting its learning net over a wide base of learners.
The Alakh Pandey-led firm reported a consolidated loss of Rs 1,131.3 crore in FY24, up 13.5X from Rs 84.1 crore recorded in the earlier fiscal period. It had remained the only profitable edtech unicorn until FY22, while steadily growing its top line.
In September, PW raised $210 million in a Series B round led by Hornbill Capital, with significant participation from Lightspeed Venture Partners. The funding boosted PW’s post-money valuation to $2.8 billion, making it the third-most valued edtech firm after Unacademy ($3.4 billion) and Eruditus ($3.2 billion).
(This article has been updated)
Edited by Megha Reddy