Edtech unicorn PhysicsWallah said on Friday it has raised USD 210 million in a funding round led by Hornbill Capital at a 2.5 times higher valuation of USD 2.8 billion. Lightspeed Venture Partners, along with existing investors GSV and WestBridge, also participated in the funding round.
"PhysicsWallah Pvt Ltd (PW) has closed its series B funding round, raising USD 210 million. This investment brings the company's post-money valuation to an impressive USD 2.8 billion, 2.5x (times) jump over its last valuation of USD 1.1 billion," the company said in a statement.
There has been a long dry spell of significant funding in the Indian edtech sector with a significant dip in the valuation of large edtech firms.
"PhysicsWallah's funding round serves as a beacon of optimism amidst challenging times for the edTech sector, showcasing the unwavering confidence of both existing and new investors in PhysicsWallah's growth and its mission to democratise education across India," the company said.
The funding is expected to bolster PW cash reserves to support its future growth plans, it said.
The company plans to utilise the fresh funds to strategically scale operations, with a key focus on consolidation in the education market.
"Prateek and I are excited to partner with Hornbill Capital and Lightspeed Venture Partners in this journey, and we deeply appreciate the continued trust from WestBridge and GSV," PhysicsWallah Founder and CEO Alakh Pandey said.
The funding for the company comes at a time when it expects to become absolutely profitable in the financial year 2025.
"This new round of funding will enable us to expand our reach, enhance our technological capabilities, and continue delivering unparalleled learning experiences," PhysicsWallah, Co-founder, Prateek Maheshwari said.
PhysicsWallah claims to produce 9,500 hours of educational content every week with a student base across 18,808 pin codes, accounting for almost 98 per cent of pin codes in India.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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