INSUBCONTINENT EXCLUSIVE:
Alakh Pandey, founder and CEO, PhysicsWallah.2 min read Last Updated : Sep 20 2024 | 4:01 PM IST
Edtech unicorn PhysicsWallah said on
Friday it has raised $210 million in a funding round led by Hornbill Capital at a 2.5 times higher valuation of $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 $210 million
This investment brings the company's post-money valuation to an impressive $2.8 billion, 2.5x (times) jump over its last valuation of $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
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.(Only the headline and picture of
this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First
Published: Sep 20 2024 | 4:01 PMIST
