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Physics Wallah, founded by Alakh Pandey in 2020, is one of India’s fastest-growing edtech platforms. Based in Noida, the company has revolutionized test preparation for JEE, NEET, and other competitive exams through affordable live and recorded content. In a short span, Physics Wallah has raised over $300 million, attained unicorn status, and reached millions of students across India. With strong investor backing, lean operations, and a focus on vernacular delivery, the startup continues to scale both offline and online through hybrid learning models.
| Metric | FY23 |
|---|---|
| Founding Year | 2020 |
| Headquarters | Noida, India |
| Valuation | $2.59 Billion |
| Total Funding | $311.8 Million |
| Revenue | $96.3 Million |
| Net Profit (PAT) | -$10.5 Million |
| EBITDA | $0.79 Million |
| Employees | 9,048 |
| Round | Date | Amount | Valuation | Investors |
|---|---|---|---|---|
| Series A | June 2022 | $101.8M | ~$986M | WestBridge Capital, GSV Ventures |
| Series B | Sep 2024 | $210M | $2.59B | Hornbill Capital, GSV, WestBridge |
From $3.3M in FY21 to $96.3M in FY23, Physics Wallah has achieved remarkable revenue growth. The edtech giant remained profitable in FY21 and FY22, but FY23 witnessed a loss of $10.5M due to aggressive offline expansion and content production costs. Despite this dip, the upward revenue trajectory highlights sustained demand and brand strength across Tier 2 and Tier 3 cities.
Physics Wallah reported a drop in EBITDA to $0.79M in FY23, down from $18.2M in FY22. This decline reflects increasing costs associated with scaling up physical classroom centers and product diversification. However, the company still retains a lean operating model and is expected to bounce back to higher margins post-capex stabilization.
Employee count surged from under 1,000 in FY21 to over 9,000 in FY23. Most of the hiring was focused on teaching staff, content creation, and center operations. The company's growth strategy leans on manpower-intensive execution, especially with its offline hybrid model expansion across India.
In May 2025, Physics Wallah launched new UPSC and CUET courses, targeting college graduates and civil aspirants. The company also acquired a regional tech startup to boost vernacular content offerings and announced strategic investments in AI-led adaptive learning technology.
| Metric | FY23 Insight |
|---|---|
| Revenue Growth | ↑ 3x YoY |
| Net Profit | ↓ Loss of $10.5M due to expansion |
| EBITDA Margin | ↓ EBITDA fell to $0.79M |
| Funding | $311.8M across 2 major rounds |
| Valuation | $2.59 Billion |
| Employees | ↑ 9,000+ strong team |
Physics Wallah’s rapid ascent in India’s edtech ecosystem underscores its affordability-first and outcomes-driven approach. While profitability took a hit in FY23, the company’s vision of hyperlocal expansion and student-first innovation keeps investor and user sentiment high. Its hybrid strategy and adaptive tech roadmap make it a strong IPO candidate in coming years.
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