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PhysicsWallah launches Rs 250 Cr Scholarship Fund for JEE/NEET aspirants

EntrackrEntrackr · 1y ago
PhysicsWallah launches Rs 250 Cr Scholarship Fund for JEE/NEET aspirants
Medial

Edtech firm PhysicsWallah (PW) has announced a scholarship fund of Rs 250 crore through its third edition of the NSAT (National Scholarship Common Admission Test) 2024. This initiative aims to help students aspiring to excel in NEET-UG and IIT-JEE exams by providing top-quality education and expert guidance, regardless of their financial situation. The NSAT exam will be held online from October 1 to October 15, 2024; and offline on October 6 and October 13, 2024 at selected centers. The registration for the NSAT 2024 program has officially begun, inviting students from Class VI to XII, including those in PCM and PCB groups. According to PW, the top 1,000 students who excel in these exams will receive a 100% scholarship, including accommodation. Among these, special consideration will be given to the top 500 underprivileged students. Co-founded in 2020 by Alakh Pandey and Prateek Maheshwari, PW offers education at scale across India through online, offline, and hybrid platforms. Its offerings span various educational segments, including schools, test preparation in more than 43 categories, a skilling vertical, higher education, and study abroad (AcadFly). PW has raised $100 million in funding from investors like Westbridge and GSV Ventures.

Kota-based institutes see admissions drop by 31% in 2024: Allen’s Rajesh Maheshwari

EntrackrEntrackr · 1y ago
Kota-based institutes see admissions drop by 31% in 2024: Allen’s Rajesh Maheshwari
Medial

Rajesh Maheshwari, founder director at Allen Career Institute, has acknowledged that admissions to Kota-based educational institutions have declined this year. In a note to educators, as seen by Entrackr, Maheshwari stated that admissions this year so far are down by nearly 31% compared to the previous year. He, however, attributed this decline to “disinformation” [translated from Hindi] against the city of Kota. Maheshwari disclosed that there have been 46,000 admissions in the medical quota, which is down by nearly 33% from the previous year. Similarly, there have been less than 24,000 admissions in the IIT category compared to 33,000 last year. He added that total admissions are less than 80,000 this year, compared to 115,000 last year. “We stood together during a tough situation like COVID and showed the world why Kota is the frontrunner…,” Maheshwari said in the note [loosely translated from Hindi]. “Allen has performed well in all examination categories… There has been good work in the areas of student care too, which has helped reduce disinformation,” he added. It is worth noting that the admissions rates have been declining for a while. In September 2023, The Ken reported that Kota saw nearly a 20% decline in student admissions since June 2023. Kota, a city in Rajasthan, has become a major hub for students from across the country preparing for competitive exams, such as IIT or medical entrance tests. Institutions like Allen have been pioneers in establishing the city as an educational hub. The coaching industry is pegged to be worth Rs 6,000 crore. But there is a dark side to the city as well. While there is always a rush to get admissions in such institutions, the city is now mushroomed with small-sized hostels and paying guests. Moreover, there have been accusations of putting a high pressure on students to perform. In 2023, as many as 23 students died by suicide. It is worth noting that this number was 15 in 2022. In a bizzaire order in 2023, local administration ordered hostels to install a spring device on ceiling fans, dubbed as ‘anti-suicide’ device. Maheshwari’s comments come amid ongoing controversies over cancellations of several key examinations over paper leaks. There have been sporadic protests as well. As far as the Kota factory goes (pun intended), we’re likely to see city-based institutes offer more lucrative facilities, discounts, and other incentives to retain students and compete with each other. However, we’re not very sure if this will address the real despair of aspirational students in the country. We have reached out to Rajesh Maheshwari to understand more about the admissions and efforts to improve students’ care. We will update the copy as soon as we hear from him.

DailyRounds posts Rs 568 Cr revenue and Rs 320 Cr PAT in FY24

EntrackrEntrackr · 9m ago
DailyRounds posts Rs 568 Cr revenue and Rs 320 Cr PAT in FY24
Medial

Dailyround’s operation revenue grew to Rs 568 crore in the fiscal year ending March 2024 from Rs 515 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Kunal Manchanada 12 May 2025 10:56 IST Updated On 12 May 2025 11:12 IST --- After recording a 42% year-on-year growth in FY23, healthcare-focused edtech platform DailyRounds experienced a moderate slowdown in FY24, with operating revenue increasing by just 10.3%. However, the Microsoft Ventures-backed firm’s profit surpassed Rs 300 crore in the same period. Dailyround’s operation revenue grew to Rs 568 crore in the fiscal year ending March 2024 from Rs 515 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. DailyRounds’ flagship product, Marrow, is an online learning platform where medical students and practitioners can subscribe to various plans, including video lectures, question banks, and test series. These plans, ranging from 3 to 36 months, accounted for 93% of the operating revenue, which rose to Rs 528 crore in FY24. The remaining operating income came from book sales to students under specific plans and from market research services. The company also earned Rs 89 crore in non-operating income from interest on deposits and investments, taking its total revenue to Rs 657 crore in FY24. DailyRounds spent Rs 68 crore on employee benefits, making it the company’s largest cost center, followed by legal and professional services, which accounted for Rs 64 crore in FY24. Web hosting, payment gateways, advertising, business promotion, and other overheads pushed the total expenditure to Rs 225 crore in FY24 from Rs 187 crore in FY23. The year-on-year growth in scale, combined with controlled expenditure, helped DailyRounds post a 14% increase in profits to Rs 320 crore in FY24, compared to Rs 281 crore in FY23. Its ROCE and EBITDA margin stood at 34.39% and 67.73%, respectively, during the same fiscal year. At the unit level, it spent Rs 0.40 to earn a rupee of operating revenue. By the end of FY24, DailyRounds’ total current assets stood at Rs 778 crore, including cash and bank balances of Rs 712 crore. As we have said earlier, the biggest challenge in this domain is getting in, and accepted with institutions. Post that, incremental costs are low, helping push profitability, and margins higher. The business will continue to have the margins that allow DailyRounds to expand into more segments of the field, and evolve with the changing needs of the market. However, truly disruptive growth will probably not come from the Indian market but other markets, and it remains to be seen how DailyRounds plans for such growth. With a claimed presence in over 16 countries, the firm seems well aware of the opportunities ahead, and will continue to be watched for such a breakthrough sooner than later.

Venturi picks up over 5% stake in Peak XV-backed K12 Techno for $27 Mn

EntrackrEntrackr · 1y ago
Venturi picks up over 5% stake in Peak XV-backed K12 Techno for $27 Mn
Medial

Venturi Partners has announced a purchase of a $27 million worth stake in K12 Techno Services from Navneet Learning LLP, subsidiary of Navneet Education Limited. This is the second secondary round in K12 Techno in the last eight months. In a stock exchange filing, Navneet Education Ltd disclosed that it will divest 5.12% stake in K12 Techno against $27 million. It will also retain a 14.35% stake in the firm after this transaction. This roughly valued the Bengaluru-based firm at around $540 million. Investing out of its $180 million maiden fund, Venturi will join K12 Techno’s existing shareholders such as Peak XV Partners, Kedaara Capital, Sofina Ventures, and Navneet Learning LLP, to support the management team led by Jai Decosta, CEO of K12 Techno. For the uninitiated, K12 Techno runs the chain of Orchids International Schools. The 14-year-old company provides full stack education, content, and technology services to more than 900 educational institutions across the country through a combination of its own brand and a curriculum and technology platform. The firm provides management services to ICSE and CBSE curriculum schools from kindergarten to X-XII, based in large metros like Bengaluru, Mumbai and Gurugram under the ‘Orchid’ brand. As per the company, its brand, content and technology has been used by over 300,000 students in the K-12 space in India. It also claimed to have grown at a CAGR of 40% over the last five years. In September, K12 Techno raised investment from Kedaara Capital against a significant minority stake in the company. It also provided a partial exit to Peak XV Partners (formerly known as Sequoia Capital India). Check startup data intelligence platform TheKredible for the complete shareholding pattern. With this, K12 Techno will join Venturi Partners’ portfolio of consumer-focused investments in India and Southeast Asia which includes Livspace, Country Delight, Believe, Pickup Coffee, and DALI. According to TheKredible, the company registered Rs 382 crore in revenue in FY23 with Rs 39 crore loss. The firm expected to close FY24 with Rs 450 crore with EBITDA of nearly Rs 100 crore.

Stoa School has hit pause button but not dead: Co-founder Kunkolienkar

EntrackrEntrackr · 1y ago
Stoa School has hit pause button but not dead: Co-founder Kunkolienkar
Medial

Stoa School, which offers MBA boot camp program, has hit a pause button on its operations and is currently re-evaluating its future course of action, the company co-founder Raj Kunkolienkar told Entrackr. Stoa has stopped accepting new students to its programs but Kunkolienkar emphasized that it hasn’t shut down operations. According to a Ken report, the company has winded up its operations. “It was a temporary pause in admissions, not operations we took back on Jan 24 as we overhaul our offerings to keep up with the changing future of work and learning. We will write in public about the new direction by early August,” said the co-founder. As per Kunkolienkar, the company had also paused admission for a temporary period in early 2022. As per Entrackr’s sources, Stoa also laid off a significant portion of its employees in the past six months. “We let go of about 25 people back in November’ 23 and continue to have a team running learning, community as well as career operations,” said Kunkolienkar. Launched in October 2020, Stoa offers a six month part-time MBA programme with the focus on the startup ecosystem. Unlike a regular MBA degree which comes at a steep cost, Stoa charges around Rs 2.5 lakh. Its curriculum covers various topics such as strategy & models, general management, brand, economics, and analytical thinking. During the six months of the program, students spend most of their time learning online through weekly sprints. On clearing the mid and the end-term exam and completing the careers checklist, they get access to placement support. For the fiscal year ended in March 2023 (FY23), Stoa registered more than two-fold jump in its operating revenue to Rs 15.92 crore from Rs 6.13 crore in FY22. During the period, its losses reduced to Rs 43 lakh from Rs 78 lakh in the previous year. Stoa raised seed funding from the likes of Nithin Kamath, Kunal Shah, Gagan Biyani and AngelList in November 2021. The company has not raised any capital since then. As per startup data intelligence platform TheKredible, Kulkarni holds 51.45% stake in the company while Kunkolienkar has 15.37% stake. It has an ESOP pool of 11%. Stoa’s competitors include Upraised, Invact Metaversity, Masters’ Union, and Mesa School of Business. Almost all of them had raised funds soon after their launch. Invact Metaversity, launched by former Twitter head Manish Maheshwari, scooped up $5 million in its maiden fundraise while Mesa School of Business raised nearly $4 million in April last year. Upraised also raised its seed round in August last year. Last year, Entrackr exclusively reported that Masters’ Union was in talks to raise a new round.

WeRize’s revenue zooms 22X in last two fiscal years

EntrackrEntrackr · 1y ago
WeRize’s revenue zooms 22X in last two fiscal years
Medial

British International Investment-backed fintech platform WeRize seems to have found a stable ground across smaller cities and this could be validated from its growth trajectory in the last two fiscal years. The five-year-old firm registered a staggering 22X growth in its operating scale which rose to Rs 68.14 crore in FY23 from Rs 3.2 crore in FY21. When it comes to year-on-year growth, WeRize saw revenue from operations soiling 3.46X to Rs 68.14 crore in the fiscal year ending March 2023 from Rs 19.68 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies shows. Founded by Sachin Chopra and Himanshu Gupta, WeRize provides loans (mortgage and unsecured), group insurance to lower middle class through its own (Wortgage Finance) and third party non-banking financial institutions including Vivitri capital and InCred. Revenue from interest and services fees accounted for 84.85% of the total operating revenue. It earned Rs 33.49 crore from interest while service fee aka loan processing fee brought Rs 24.33 crore to the company’s coffers. WeRize also made Rs 4.63 crore from non-operating activities, pushing its total income to Rs 72.77 crore in FY23. Similar to most of the lending startups, employee benefit expense formed 34.98% of the overall expenditure which increased by 125.9% to Rs 28.3 crore in FY23 from Rs 12.53 in FY22. WeRize’s professional consultancy fees, commission, subscription fees, performance payouts, and other overheads took its overall expenditure up by 153.6% to Rs 80.9 crore in FY23 from Rs 31.9 crore in FY22. Head to Thekredible for detailed expense breakup. Despite a 2.5X surge in expense and increase in revenue, the company managed to cut its losses by 23.8% to Rs 8.23 crore in the last fiscal year. Its ROCE and EBITDA margin also demonstrated improvement significantly to -2% and 2.5% respectively. On a unit level, it spent Rs 1.19 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -29% 2.5% Expense/₹ of Op Revenue ₹1.62 ₹1.19 ROCE -13% -2% According to the startup data intelligence platform TheKredible, WeRize secured $15.5 million in funding in June 2022 at a post money valuation of $108 million. Kalaari Capital holds 16.09% in the firm while 3one4 Capital and Orios Venture Capital hold 13.46% and 10.18%, respectively. WeRize looks set to break even in FY24, will it maintain the growth momentum? That is the million dollar question in a market where it will get increasingly crowded as it scales. However, the possibilities in the lower income segment it has thrived in so far remain immense, especially for insurance products where it remains under penetrated. The issue has always been one of selling effectively, and building a strong narrative of use case that attracts more to the platform. WeRize will be well aware of that we are guessing, unless they seek the relative comfort of higher income, but more competitive segments. It’s a tradeoff that will define both its immediate and long term future one feels.

Edtech startup PhysicsWallah to launch 26 Vidyapeeth offline centres

Economic TimesEconomic Times · 2y ago
Edtech startup PhysicsWallah to launch 26 Vidyapeeth offline centres
Medial

Edtech unicorn PhysicsWallah on Friday said it is launching 26 offline centres across India, in as many cities. The centres are called PW Vidyapeeth. Currently, the Noida-based startup has 67 centres operational in 38 cities. The offline centres will offer a curriculum for engineering and medical entrance examinations. “By expanding our tech enabled offline Vidyapeeth Centres across cities, our goal is to ensure access to quality education for students in their own towns, eliminating the need for them to relocate to education hubs in distant cities,” said Ankit Gupta, CEO of the startup’s offline centres vertical. The company had reportedly rolled out 50 offline centres in May this year, with an investment of around Rs 82 crore in technologies. In July, it launched the PW Institute of Innovation (PW IOI), a four-year residential programme in computer science and AI.Founded by Alakh Pandey and Prateek Maheshwari, PhysicsWallah gained unicorn status last year, when it raised $100 million in its maiden funding round from WestBridge Capital and GSV Ventures, at a valuation of more than $1.1 billion. For the financial year through March 2022, it reported standalone operating revenue of Rs 232.48 crore, a nine-fold increase from the previous year. Net profit for FY22 increased to Rs 97.8 crore from Rs 6.93 crore. Also read | Upskilling companies see brisk business as K-12, test prep stall The broader offline play Post-pandemic, edtech startups have been reeling under the pressure as demand for online and digital education in the K-12 and examination preparation has gone down. This has prompted players such as Byju’s, Unacademy and Vedantu to invest in offline centres.While Unacademy announced multiple rounds of layoffs, it also expanded its offline centres from 10 to around 58, in the first half of 2023. Vedantu also counts its hybrid centres as one of its key growth levers. The Tiger Global-backed startup had bought a majority stake in offline test prep business Deeksha for $40 million. ET had reported in December about how major edtechs across the board are expected to move away from the K-12 business model and focus on priorities such as a bigger offline play in 2023. In Byju’s case, its 302 offline tuition centres across 143 towns also double up as office spaces. Each has an office room for sales staff. This has helped ease the Bengaluru-based startup’s real estate spaces consolidation plans that have gone hand-in-hand with its layoffs. Experience Your Economic Times Newspaper, The Digital Way!Front PagePure PoliticsCompanies & EconomyCompaniesLearn more about our print editionMoreRIL may Sell 8-10% More in Rel Retail VenturesReliance Industries is likely to sell another 8-10% stake in Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt and prepare for the initial public offering of the conglomerate’s retail business, two senior industry executives aware of the plans said.Brics Set to Add 6 New Members from N Africa, Gulf and LatAmBrics is set to add heft to the grouping of emerging economies as it announced on Thursday the inclusion of six new members, including India’s key partners in the Gulf and North Africa, a development that Prime Minister Narendra Modi described as a message that “all global institutions need to transform considering the changing times”.Strong Signals from Investors, Vi may Get Much-needed Cash SoonVodafone Idea (Vi) is closer to tying up its much-delayed equity funding with chief executive Akshaya Moondra informing the Department of Telecommunications (DoT) that the telco has term sheets from several potential investors. Read More News onphysicswallahoffline centresedtechunicornvidyapeeth centres Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. InvestingGQG Partners rescues Adani stocks from Deloitte fiasco. But primary fundraise is a bigger issue.Under the lensHow Ireo’s Lalit Goyal allegedly siphoned off INR1,800 crore to his offshore entitiesEconomyThe phoenix-like rise of private capex, and why we should thank ‘creative destruction’ for this

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