PhysicsWallah (PW) is all set to take over the offline Hindi coaching institute Drishti IAS, marking a new milestone in the educational space, as revealed by the startupro.in through its official LinkedIn handle. According to the news portal, the deal is in its final stages and anticipated to be one of the biggest acquisitions in the edtech sector in recent times. With this strategic move, the education company PW aims to bolster its presence in the educational landscape and establish its landmark tech-enabled offline and hybrid education ecosystem in cities across the country.
The reports suggest that the PW is up for investing thousands of crores to seal the deal and take over the state and UPSC commissions preparatory platform. Also, the conversations have been under development since the beginning of this year. Now the acquisition is likely to be finalized. Sources indicate that the payment for the deal will be structured in installments, with each tranche linked to specific performance milestones in the future.
The development is significant as PhysicsWallah is gearing up for the initial public offering (IPO). The reports also suggest that the Noida-based educational company has made major changes in its upper-level management by appointing three independent directors, aiming to raise valuation via the public listing.
PhysicsWallah, based in Noida and founded by Uttar Pradesh Alakh Pandey and Prateek Maheshwari, works to democratize education through multiple platforms, including online, offline, and hybrid. It initially started as a YouTube channel, offering education in multiple vernacular languages. PW’s offerings range across several educational segments, including a skilling vertical, test preparation, higher education, and study abroad. Plus, the company owns an Institute of Innovation that delivers residential job-ready programs. The firm has raised a total funding of $312M from nine investors, of which eight were institutional and one angel investor, like Hornbill Capital, Westbridge, Lightspeed Ventures, and GSV Ventures.
Whereas, Drishti IAS is a coaching institute located in Mukherjee Nagar, New Delhi, providing coaching classes, notes, and lectures through Hindi medium, for UPSC civil services and state service aspirants. The coaching centre also gives classes through distance education. Hundreds of students have successfully cleared the civil services examination through its education system.
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