PhysicsWallah, a bootstrapped edtech business, has raised $100 million in a Series A fundraising round from WestBridge Capital and GSV Ventures, valuing the company at a unicorn price, according to a statement released on June 7.
PhysicsWallah raised the money at $1.1 billion valuation, becoming India’s 101st unicorn, the company said. Since April of this year, PhysicsWallah has been the second startup to join the coveted unicorn club, compared to 11 in April-June 2021.
The cash will be used for business expansion, branding, the opening of more offline learning centres, and the introduction of new course options, according to PhysicsWallah.
Last month, Moneycontrol conducted an exclusive interview with Alakh Pandey, co-founder and CEO of PhysicsWallah, in which Pandey stated that the company will focus aggressively on the K-12 (kindergarten to class 12) segment, as well as excursions into executive education. Pandey had also expressed gratitude for the donation.
PhysicsWallah has around 7 million viewers
PhysicsWallah claims to have 6.9 million YouTube viewers and 5.2 million Google Playstore downloads. In 2020 and 2021, the company claims that over 10,000 students passed competitive tests. Such as NEET and JEE (medical and engineering entrance exams). According to PhysicsWallah, at least one student in every six medical schools. And one in every ten engineering schools is a former student. The company claims to provide India’s most cheap edtech packages.
PhysicsWallah currently employs 1900 people, including 500 teachers and roughly 100 IT professionals, according to the company. According to the company, it has 200 associate professors on staff to answer student questions. And another 200 specialists to write exam questions and term papers.