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.
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