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Exclusive: Physicswallah revenue crosses Rs 3,000 Cr in FY25, cuts losses by 80%

EntrackrEntrackr · 2m ago
Exclusive: Physicswallah revenue crosses Rs 3,000 Cr in FY25, cuts losses by 80%
Medial

Edtech unicorn PhysicsWallah (PW) recorded strong growth in FY25, with a sharp rise in revenue and a notable cut in losses, according to Entrackr sources familiar with the company’s financials. Physicswallah’s operating revenue grew by around 55% to over Rs 3,000 crore in the fiscal year ending March 2025. For background, the Delhi-based company recorded 140% year-on-year growth to Rs 1,940.4 crore in FY24 from Rs 744.3 crore in FY23. As per sources, the rebound was steered by the company’s offline push, which now contributes a major share of its topline. PW expanded its footprint to 200 centers in FY25 from 124 a year earlier. The growth was supported by a healthy teacher-student ratio and efficient seat allocation. By FY25, overall enrolments rose to 5 million from 3.6 million in FY24. The company has now expanded into over 30 test prep categories and increased offerings like more upskilling courses and IOI centers in multiple new cities, besides expanding its presence in the Gulf region. When it comes to the bottom line, the company narrowed losses in the range of 80% in the last fiscal year (FY25). Notably, PhysicsWallah’s losses widened over 13X to Rs 1,131 crore in FY24 due to one-time non-cash charges of Rs 756 crore booked as fair value loss on compulsorily convertible preference shares (CCPS). The financial improvements come as PW gears up to go public. The company has received SEBI’s nod to file its Draft Red Herring Prospectus (DRHP) and is planning to raise around Rs 4,500 crore through the IPO. The listing could value the company in the range of Rs 35,000-40,000 crore, according to sources. Founded in 2016 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah has emerged as one of the few scaled edtech firms to maintain positive cash flows in previous fiscal years. With losses now under control, rising enrolments, and strong offline traction, PW is positioning itself as a rare success story in India’s embattled edtech sector, one that could set the tone for investor sentiment ahead of its market debut.

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Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable

EntrackrEntrackr · 2m ago
Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable
Medial

Exclusive All Stories Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable Full-stack agritech platform BigHaat Agro posted a flat scale with single-digit year-on-year growth in the fiscal year ending March 2025. However, the Bengaluru-based company managed to narrow its losses by over 25% during the last fiscal year. According to its co-founder Sateesh Nukala, BigHaat has crossed the Rs 1,100 crore revenue threshold in FY25 from Rs 1,050 crore in FY24. BigHaat’s revenue split consists of 85% of revenue coming from farm produce sales, with agri-inputs, which is direct to farmers, and digital only contributing 15%. The platform now counts 3 million monthly active farmers and reported 15% gross margins in FY25, said Nukala in an interaction with Entrackr. Nukala highlighted that exports and advanced processing, a high-margin vertical launched in FY25, now contribute 20% to its monthly revenue. “We have reduced our net loss to Rs 25 crore in FY25 from Rs 35 crore in FY24 and turned EBITDA positive for the last three quarters,” said Nukala. He also added that BigHaat is among the few agritech startups to achieve profitability at scale with 6x revenue-to-capital efficiency. As per Nukala, the company is targeting Rs 1,400 crore in FY26, with spices emerging as a key growth driver. “We are also open to acquisitions of new brands to strengthen our portfolio,” he emphasized. BigHaat has raised around $25 million to date. In January 2022, it raised Rs 100 crore led by JM Financial. Beyond Next Ventures, Ashish Kacholia, Ankur Capital, and others are some notable investors for the firm. This contrasts with larger peers. DeHaat, India’s most valued agritech startup, clocked Rs 2,675 crore revenue in FY24 but with losses of over Rs 240 crore. Ninjacart, backed by Walmart and Flipkart, crossed Rs 2,000 crore revenue in the same fiscal but recorded a Rs 259.6 crore loss. By combining steady topline growth, improving margins, and sustained EBITDA profitability, BigHaat is positioning itself as one of the few agritech ventures balancing scale with financial discipline, while many peers continue to burn capital at larger scales.

Exclusive: PhysicsWallah acquires minority stake in Sarrthi IAS

EntrackrEntrackr · 1m ago
Exclusive: PhysicsWallah acquires minority stake in Sarrthi IAS
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Exclusive: PhysicsWallah acquires minority stake in Sarrthi IAS Edtech Unicorn PhysicsWallah has acquired a minority stake in UPSC coaching institute Sarrthi IAS, according to three sources aware of the development. “PW has picked up 40% in the company at a valuation of about Rs 250 crore. Sarrthi will continue to operate independently while leveraging on PhysicsWallah’s tech infra,” said one of the sources, requesting anonymity. Founded by Varun Jain and Dr. Shivin Chaudhry, Sarrthi IAS provides mentorship-focused courses for UPSC preparation. The platform offers GS Foundation, Mains modules, Prelims revision, and interview guidance. The deal marks a consolidation move in the UPSC prep market, where PhysicsWallah has been scaling through its vertical PWOnlyIAS. “After this deal, the combined UPSC vertical including PWOnlyIAS and Sarrthi IAS is expected to cross Rs 350 crore in revenue in FY26,” according to the source quoted above. For PhysicsWallah, the investment strengthens its positioning in the civil services test-prep segment UPSC and all state public service commission exams, and adds heft to its offline presence. PW had earlier explored larger acquisitions, including Drishti IAS, but talks did not materialise. Entrackr has reached out to PhysicsWallah and Sarrthi IAS for comments on the story. We will update the story in case they respond. The stake purchase comes as PhysicsWallah gears up for its IPO. The company received SEBI’s nod to file its Draft Red Herring Prospectus (DRHP) and is planning to raise around Rs 4,500 crore through the IPO. On the revenue front, the Alakh Pandey-led firm reported a 55% year-on-year jump to around Rs 3,000 crore in FY25, while losses narrowed by nearly 80% during the same period. Entrackr had exclusively reported these numbers last month.

Exclusive: Smallcase crosses Rs 100 Cr revenue mark in FY25

EntrackrEntrackr · 3m ago
Exclusive: Smallcase crosses Rs 100 Cr revenue mark in FY25
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Smallcase runs a platform that helps brokers execute transactions in exchange-traded products. Its main source of revenue is the transaction fees charged to these brokers. Wealthtech platform Smallcase recorded over 50% year-on-year growth in the fiscal year ended March 2025, with improved unit economics, according to the data shared by the sources. Smallcase’s revenue from operations grew to Rs 106 crore in FY25 from Rs 67.4 crore in FY24, as per the documents. The platform has facilitated transactions worth Rs 1.2 lakh crore and serves a user base of over 10 million investors. Despite over 50% growth in FY25, Smallcase managed to keep a good check on its overall cost, which resulted in a reduction of its EBITDA losses to Rs 9 crore in FY25. However, the Bengaluru-based company posted a net loss of Rs 34 crore in the last fiscal year (FY25). Smallcase has secured around $120 million to date, including its $50 million Series D in March this year, which was led by Elev8 Ventures, with participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and others. Prior to this, it closed a $40 million round in 2022. According to the startup data intelligence platform TheKredible, Smallcase is currently valued at $285-290 million. Peak XV holds the largest external stake at 16.2%, followed by Fearing Capital and Blume Ventures with 9.67% and 7.67%, respectively. Smallcase faces competition from platforms like INDmoney, which reported Rs 70 crore in revenue for FY24, and Wint Wealth, which posted Rs 21 crore during the same period. Other rivals include Scripbox, Dezerv, and several emerging wealthtech players.

IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58%

EntrackrEntrackr · 3m ago
IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58%
Medial

IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58% IndiQube, a provider of managed workspace solutions, submitted its red herring prospectus (RHP) to SEBI for a proposed Rs 700 crore Initial Public Offering (IPO) last week. The company's financial report indicates a 57% reduction in net loss, attributed to revenue growth and controlled costs. Indiqube’s revenue from operations increased by 28% to Rs 1,059 crore in FY25 from Rs 830 crore in FY24, according to its restated financial statement filed in the RHP. IndiQube derives the majority of its income from rental services, which accounted for Rs 870 crore or over 82% of its total operating revenue. Other income sources included the sale of goods (Rs 66 crore), maintenance charges (Rs 51 crore), electricity charges (Rs 33 crore), and others (Rs 39 crore). The company also made additional Rs 44 crore from non-operating sources, which pushed its total revenue to Rs 1,103 crore in FY25. For the managed space providing firm, depreciation cost related to lease stood at Rs 487 crore, accounting for 39% of the total expense, followed by finance costs, which were recorded at Rs 330 crore. Employee benefit expenses rose to Rs 76 crore while material cost stood at Rs 52 crore during the year. Overall, total expenses remained largely flat at Rs 1,260 crore in FY25 from Rs 1,252 crore a year ago. Despite the high depreciation and finance costs, IndiQube’s near-flat expenses coupled with its top-line expansion helped the company to cut losses by 58% to Rs 141 crore in FY25, as compared to Rs 341 crore in FY24. The Bengaluru-based company spent Rs 1.2 to earn a Rupee of operating revenue in FY25. The company recorded current assets worth Rs 210 crore in FY25, including Rs 61 crore in Cash and bank balances. IndiQube’s equity shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The issue will open for subscription on July 23, 2025, and close on July 25, with the anchor book opening on July 22.

Exclusive: PhysicsWallah in talks to acquire Drishti IAS for Rs 2,500 Cr

EntrackrEntrackr · 7m ago
Exclusive: PhysicsWallah in talks to acquire Drishti IAS for Rs 2,500 Cr
Medial

Edtech unicorn PhysicsWallah is in the advanced stages of acquiring offline coaching firm Drishti IAS Institute, according to three sources familiar with the matter. If finalized, this will mark the largest acquisition in the edtech space in the past couple of years. “PhysicsWallah is spending around Rs 2,500–3,000 crore to acquire the UPSC and state commissions preparatory platform,” said one of the sources, requesting anonymity. “The two companies have been in talks since January this year, and the deal is likely to be finalized soon.” The development comes at a time when PhysicsWallah is preparing for its initial public offering (IPO). The Noida-based company recently appointed three independent directors and is aiming to raise $500 million at a $5 billion valuation through the public listing. According to sources, the payment for the deal will be made in tranches and will be tied to future performance milestones. “Although we have been meeting several people from different organisations (IPO Bankers, PEs & Edtech founders) for our future plans, nothing has been finalized so far. The information you are talking about is just a rumour which shouldn't be taken seriously at all,” said Vivek Tiwari, CEO, Drishti IAS. Queries sent to PhysicsWallah did not elicit an immediate response. Drishti IAS, a 26-year-old educational platform that mainly provides offline coaching to help students prepare for the Civil Services Examination (CSE), reported Rs 405 crore in revenue with Rs 90 crore profit after tax (PAT) in FY24. Founded by Vikas Divyakirti, the Mukherjee Nagar Institute is the largest revenue contributor for Drishti IAS, accounting for 58% of the total coaching income, followed by Prayagraj, Jaipur, and Karol Bagh. On the other hand, nine-year-old PhysicsWallah has expanded into a full-fledged edtech platform offering live and recorded lectures, test series, study materials, and offline hybrid centers. The firm has raised over $300 million to date and was valued at around $2.8 billion during a $210 million Series B round in September last year. PhysicsWallah’s revenue from operations surged to Rs 1,940.4 crore in FY24, compared to Rs 744.3 crore in FY23. However, following the rising expenditure, its losses deepened over 13X to Rs 1,131 crore in FY24 against Rs 84 crore reported in FY23. The potential deal aligns with PhysicsWallah’s focus on offline coaching. Last year, the Lightspeed and WestBridge-backed company stated that it aims to achieve over Rs 1,000 crore in offline revenue by the end of FY25.

FirstCry parent’s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%

EntrackrEntrackr · 5m ago
FirstCry parent’s revenue crosses Rs 1,900 Cr in Q4 FY25; losses surge 74%
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The parent company of FirstCry has released its quarterly report for the last financial year ending March 2025. The report highlights moderate growth, with a 16% year-on-year growth in scale while losses surged 74%. FirstCry's revenue from operations grew to Rs 1,930 crore in Q4 FY25 from Rs 1,667 crore in Q4 FY24, its financial statements sourced from the National Stock Exchange show. For the full fiscal year (FY25), BrainBees’s operating revenue increased 18% to Rs 7,660 crore in FY25 from Rs 6,481 crore in FY24. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for 69% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 398 crore income for Q4 FY25. The company also made Rs 48 crore from interest income which took its overall revenue to Rs 1,979 crore in Q4 FY25, compared to Rs 1,685 crore in Q4 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 58% of the overall expenditure which increased 14% quarter-on-quarter to Rs 1,206 crore in Q4 FY25 from Rs 1055 crore in Q4 FY24. FirstCry employee benefits stood at Rs 229 crore in Q4 FY25 which includes Rs 82 crore as ESOP cost. Marketing, legal, rent, and technology expenses were key overheads that drove total expenditure up to Rs 2,060 crore in Q4 FY25, compared to Rs 1,737 crore in the same quarter last year. For the fiscal year ending March 2025, the company’s total expenses rose to Rs 7,992 crore. BrainBees’ loss surged by 74% to Rs 75 crore in Q4 FY25. For FY25, the firm losses stood at 215 crore in FY25, down from Rs 321 crore in FY24. (We have excluded exceptional items amounting to Rs 37 crore from the loss calculation.) BrainBees debuted on the stock exchange at Rs 446 and is now trading at 376.5 on May 26, bringing its total market capitalization to Rs 19,631 crore.

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%

EntrackrEntrackr · 6m ago
Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%
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Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83% Global edtech company Eruditus recorded modest year-on-year growth in its operating revenue, crossing the Rs 3,700 crore ($448 million) mark in the fiscal year ending June 2024. The Mumbai-based firm narrowed its losses by over 83% during the same period. Compared to FY23, the firm’s operating scale grew by 12% to Rs 3,733 crore, according to its annual financial statement sourced from Singapore. Eruditus follows a financial year that runs from July to June. The firm appears to be ahead of the leading edtechs, with revenue nearly 1.8 times that of PhysicsWallah and more than double that of upGrad. PhysicsWallah reported Rs 2,015 crore revenue in FY24 whereas upGrad registered Rs 1,487 crore revenue in the same period. Eruditus offers education across more than 80 countries to over a million learners. It partners with over 80 universities across the United States, Europe, Latin America, Southeast Asia, India, and China. The firm didn’t offer revenue break-up across geographies. The company deferred recognition of Rs 800 crore ($96 million) in collected revenue to the last fiscal year (FY25). Eruditus made progress in controlling its expenses as its marketing expenses dipped 18.85% year-on-year to Rs 1,007 crore in FY24 from Rs 1,241 crore in FY23. Other operating expenses were down by 32.16% year-on-year to Rs 1,045 crore in FY24 from Rs 1,541 crore in FY23. The cost optimizations led to a sharp improvement in the company’s bottom line. Eruditus narrowed its adjusted EBITDA losses by 83.45% to Rs 69 crore ($8.3 million) in FY24 from Rs 417 crore ($50 million) in FY23. With backing from investors such as TPG, the Chan Zuckerberg Initiative, SoftBank Vision Fund 2, Prosus Ventures, Accel, and Peak XV, Eruditus has the capital reserve to expand its presence and offerings across markets. In October 2024, it raised $150 million in the second-largest edtech deal of the year, after PhysicsWallah’s $210 million funding. With revenue approaching $500 million and an 83% reduction in losses, the company shows a path toward sustainable growth in the edtech industry. Heading into FY25 with deferred revenue, Eruditus is on track to achieve profitability while building on its revenue base.

PhysicsWallah spent Rs 1,426 Cr on salaries in FY25; Offline ARPU stood at Rs 40,405

EntrackrEntrackr · 1m ago
PhysicsWallah spent Rs 1,426 Cr on salaries in FY25; Offline ARPU stood at Rs 40,405
Medial

Fintrackr All Stories PhysicsWallah spent Rs 1,426 Cr on salaries in FY25; Offline ARPU stood at Rs 40,405 PhysicsWallah has filed draft papers with SEBI to raise Rs 3,820 crore through IPO. Its financial statement shows the company significantly narrowing its losses on the back of strong revenue growth across online, offline, and hybrid channels. PW’s operating revenue grew nearly 49% to Rs 2,887 crore in FY25 from Rs 1,941 crore in FY24. Income from coaching services remained the largest contributor at Rs 2,498.5 crore, with the online segment rising 45.5% to Rs 1,404 crore in FY25 from Rs 965 crore in FY24, while offline coaching grew 45.7% to Rs 1,352 crore from Rs 928 crore. The Average Revenue Per User (ARPU) in its offline channel has steadily improved from Rs 34,467 in FY23 to Rs 40,405 in FY25. The offline channel now contributes nearly 47% of the top line. Revenue from hostel fees and transportation added Rs 88 crore, and the sale of products jumped 74% to Rs 259 crore in FY25. India remained the core market contributing Rs 2,851 crore or 98.75% of the total operating revenue, while Dubai and the USA collectively accounted for Rs 36 crore or 1.25%. PhysicsWallah employed 5,096 faculty members in FY25, a 40% increase from 3,654 in FY24. Of these, 4,207 were permanent teachers while 889 were hired on a contractual basis. To support the larger base of faculty and other staff, the company’s spend on salaries grew nearly 28% to Rs 1,426 crore in FY25, accounting for 44% of its overall expenditure. Marketing expenses stood at Rs 448 crore for FY25. The company also spent Rs 123 crore on materials and Rs 366 crore on depreciation. Overall, PhysicsWallah kept its spending broadly flat at Rs 3,265 crore in FY25 as against Rs 3,279 crore in FY24. With controlled expenses and growing revenue, PW managed to bring down its burn significantly by 78.5% to Rs 243 crore in FY25 from Rs 1,131 crore in FY24. The company reported a positive EBITDA of Rs 192.5 crore in FY25 with an EBITDA margin of 6.33%. The company’s ROCE stood at -6.37%. On a unit level, the firm spent Rs 1.13 to earn a rupee in FY25, a sharp improvement from Rs 1.69 in FY24. The company reported current assets worth Rs 2,237 crore as of March 2025, including Rs 175 crore in cash and bank balances. The company disclosed a political contribution of Rs 37 lakh during FY25. As per DRHP, co-founders Alakh Pandey and Prateek Boob hold the largest stakes in the company at 40.35% each, followed by WestBridge Capital with 7.8%, while Hornbill Capital, GSV Ventures, and Lightspeed hold 4.42%, 2.85%, and 1.79%, respectively. PhysicsWallah acquired a 40% stake in UPSC coaching institute Sarrthi IAS.

Tractor Junction revenue crosses Rs 100 Cr in FY25

EntrackrEntrackr · 20d ago
Tractor Junction revenue crosses Rs 100 Cr in FY25
Medial

Tractor-focused marketplace Tractor Junction maintained a strong momentum in FY25, with operating revenue jumping 1.7X to cross the Rs 100 crore milestone, following a 2.3X jump in the previous fiscal year. Tractor Junction’s operating revenue surged over 70% to Rs 106.43 crore in FY25 from Rs 62 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Tractor Junction is a rural vehicle marketplace that facilitates buying, selling, financing, and insuring new and used tractors, farm equipment, and rural commercial vehicles. It also offers verified reviews and price comparisons to ensure transparency for users. Sales of tractors and equipment contributed 80% of Tractor Junction’s total revenue and rose nearly 90% to Rs 85.14 crore in FY25. The remaining Rs 21.29 crore came from services, including financing and other related offerings. The company claims that its financial services grew 10 times in FY25, and its used vehicle business grew 1.8 times, supported by 65 COCO outlets in Rajasthan, Madhya Pradesh, and Maharashtra. Tractor Junction also earned Rs 12.44 crore in non-operating revenue, including commission income and interest on fixed deposits, taking its total income to Rs 118.8 crore in FY25. The cost of materials accounted for 63% of total expenses which rose 86% to Rs 80.26 crore in FY25. Employee benefit expenses grew 47% to Rs 22 crore, while advertising, contract wages, RTO, insurance, and other costs drove total expenses up 75% to Rs 127.53 crore from Rs 72.7 crore in FY24. Tractor Junction’s total expenses grew faster than its revenue, primarily due to higher material costs, leading the Alwar-based company to post a loss of Rs 9.08 crore in FY25, which increased 2.5X from Rs 3.67 crore in FY24. Its EBITDA margin and ROCE stood at -18.03% and -70.3%, respectively. On a unit basis, it spent Rs 1.2 to earn a rupee of operating revenue in FY25. As of March 2025, the company’s current assets stood at Rs 70.43 crore, including cash and bank balances of Rs 13.76 crore. The company aims for another double-digit revenue growth in FY26, expand its COCO outlet network to 100, and focus more on profitability. According to startup data intelligence platform TheKredible, Tractor Junction has raised around $6 million to date, including a $5.7 million seed round in April 2022 co-led by Info Edge Ventures and Omnivore.

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