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Edtech unicorn PhysicsWallah (PW) reported its standalone operating revenues for the financial year 2021-22 as Rs 232.48 crore, a nine-fold rise from Rs 24.59 crore in FY21. The firm reported a net profit of Rs 97.8 crore, a surge of 14 times from Rs 6.93 crore in the previous financial year, according to data accessed by business intelligence platform, Tofler.
PW’s standalone expenses were Rs 103.17 crore, a six-fold increase from Rs 15.36 crore in the previous financial year. In FY22, PW’s employees’ benefit expenses were Rs 42.18 crore, reporting over 20 times rise against Rs 2.01 crore in the previous fiscal.
The company has reported a profit at a time when top tech unicorns especially edtech companies are witnessing steep losses and are laying-off employees in an attempt to conserve cash amid a funding winter.
PW this year became India’s 101st unicorn by raising $100 million in Series A funding from WestBridge Capital and GSV Ventures. The company was valued at $1.1 billion after closing the transaction. PW is using these funds for business expansion, branding and opening more PW learning centres.
The platform has already made provisions for launching courses in nine vernacular languages, including Bengali, Marathi, Tamil, Telugu, Gujarati, Odia, Malayalam, and Kannada. This step will help PW reach every corner of the country and connect with over 250 million students by 2025.
PW is also setting up offline centres. Such facilities are designed to assist engineering and medical aspirants, providing them with a competitive and friendly learning environment with a 24/7 doubt-clearing facility.
PW also acquired companies this year. In October, it acquired test preparation edtech company PrepOnline and book publisher Altis Vortex for an undisclosed amount in a mix of cash and stock deal. With the acquisition of PrepOnline, PW forayed into the online competitive exam preparation segment and the acquisition of Altis Vortex marked its entry into the book publishing domain. In August, PW acquired FreeCo, a Jaipur-based doubt solver and resource management firm.
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