The largest edtech fundraise in the last two years has pushed the valuation of Physics Wallah (PW) to $2.8 billion, a more than two-fold increase from $1.1 billion earlier.
The Noida-headquartered education company announced a $210-million fundraise on Friday at the close of a Series-B round, that changed the pecking order in the Indian edtech space.
PW, which has said the current financial year will mark the "largest absolute profitability" for the group, has now replaced Upgrad as the third largest edtech firm in terms of valuation. Unacademy and Eruditus occupy the top two slots as Byju's went into insolvency. In 2022, Byju's was valued at $22 billion.
PW co-founder Prateek Maheshwari said the funding will enable the company to improve reach and technology.
"This comes on the back of strong, sustainable year-onyear (Y-o-Y) growth. In fact, FY25 is going to be the year of the largest absolute profitability for the PW group. There are no good or bad markets, only good or bad stories, and ours is a great impact story," Maheshwari added.
Though the funding would help PW to pursue inorganic expansion, it is more cautious than ever for keeping track of capital allocation.
Abhishek Mishra, chief strategy officer of PW, said the funding would help the firm to enhance its content and publication offerings, and explore mergers with community-driven education platforms.
This story is from the September 21, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 21, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A singular life in plural India
In India today it is difficult to imagine a period of uninterrupted communal harmony, with reports of lynching, hate speech and bigotry surfacing with rising frequency.
11 dead in fire after LPG tanker crashes into vehicles on Jaipur-Ajmer highway
An LPG tanker collided with a truck on Friday, sparking a massive fireball that turned a stretch of the Jaipur-Ajmer highway into an inferno in which 11 people were killed and 37 vehicles engulfed in flames.
FMCG firms roll out tailored offerings for golden years
Affluent and health conscious, mature consumers are becoming selective about what they buy. Businesses are stepping up to meet their needs
SPHERES OF INFLUENCE
New districts are being announced more because of demands by influential groups than empirical studies, usually in the buildup to elections
Accenture Q1 showing a shot in arm for IT stocks
Strong US economy bodes well for Indian IT firms, say analysts
Sun Pharma: Down, but not out
Despite short-term blip, pharma major remains favourite among investors
Mirae Asset MF's AUM crosses ₹2 trn mark
Mirae Asset Investment Managers (India) on Friday announced that its mutual fund (MF) assets under management (AUM) has crossed the ₹2 trillion mark on the back of 54 per cent compound annual growth rate (CAGR) in the past five years.
PIL in HC seeks action against Amfi for 'misleading' ads
A public interest litigation (PIL) has been filed in the Bombay High Court seeking directions to Securities and Exchange Board of India (Sebi) to revoke the permissions granted to mutual fund body Association of Mutual Funds in India (Amfi) for \"misleading\" and \"deceptive\" advertisement campaigns under the investor education and protection measures.
IPO frenzy: Six issues fully subscribed; IGI at 13% premium on listing day
The initial public offerings (IPOs) of DAM Capital Advisors, Sanathan Textiles, Concord Enviro Systems, Mamata Machinery and Transrail Lighting, whose issues are on their penultimate day, were subscribed between 1.24 and 37.75 times.
Debt funds to deliver best show in 4 yrs
Strong performance attributed to bond index inclusion and fiscal prudence, say experts
