NEW DELHI: Edtech firm 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. The company at the end of its previous funding was valued at USD 1.1 billion.
“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.