PhysicsWallah (PW), a prominent ed-tech unicorn led by Alakh Pandey, has recently reported substantial revenue growth, marking a significant surge to Rs 798 crore in the fiscal year 2023. This impressive increase represents a 3.4-fold rise from the previous year’s figures, showcasing the platform’s strengthened presence, particularly in offline education.
The company’s revenue from operations saw a substantial leap, reaching Rs 771.76 crore in FY23, a significant upsurge from Rs 232.47 crore in the preceding fiscal year and Rs 24.6 crore in FY21.
Expanding Student Base and Diversified Offerings
Co-founder Prateek Maheshwari emphasized PhysicsWallah’s expansion across both online and offline segments. The online student base soared from 9 lakh in FY22 to 23.5 lakh in FY23, a 2.5-fold increase. In parallel, offline enrollments experienced a remarkable 5.5-fold surge, reaching 60,000.
This surge in student enrolments came after PhysicsWallah’s foray into new examination categories and the initiation of various skill development programs.
Financial Performance and Growth Strategy
Despite the remarkable revenue growth, PhysicsWallah reported an adjusted EBITDA of Rs 127 crore in FY23, slightly dipping from Rs 134 crore in FY22. This adjustment accounted for ESOP costs, Lease Equalization Reserve (LER), and one-time inventory provisioning. The company’s total expenses surged to Rs 777 crore, including non-cash fees, with employee costs reaching Rs 406 crore, encompassing ESOP benefits.
Vision for Expansion and Impact
PhysicsWallah achieved unicorn status the previous year and secured $100 million in Series A funding, allocating approximately $40 million toward acquiring companies.
Alakh Pandey, Founder and CEO of PhysicsWallah, emphasized the transformative power of education in societies and economies. Expressing commitment to reinvest generated cash flows, Pandey aims to expand the platform’s reach to 250,000 students by the 2024-25 academic year.
This remarkable growth trajectory signifies PhysicsWallah’s continued commitment to widening educational access and driving meaningful societal change through learning.
