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Exclusive: PhysicsWallah acquires minority stake in Sarrthi IAS

EntrackrEntrackr · 24d ago
Exclusive: PhysicsWallah acquires minority stake in Sarrthi IAS
Medial

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.

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

EntrackrEntrackr · 23d 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.

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO

EntrackrEntrackr · 22h ago
Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO
Medial

Infra.Market files confidential DRHP with SEBI for Rs 5,000 Cr IPO Building materials unicorn Infra.Market has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through an initial public offering (IPO), according to sources aware of the development. The proposed issue is expected to be a mix of fresh equity shares and offer-for-sale (OFS) by existing investors, in almost equal proportion. The Bengaluru-based firm has taken advantage of SEBI’s confidential filing mechanism, introduced last year, which allows companies to keep sensitive financial and strategic details under wraps until closer to listing. Infra.Market’s move comes just weeks after it raised $83 million in a Series G round led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India. Earlier in June, the Bengaluru-based company also secured $150 million in debt funding from Mars Growth Capital. On the financial front, Infra.Market reported a 23% year-on-year jump in revenue to Rs 14,530 crore in FY24, while its profit surged 2.4X to Rs 378 crore. The FY25 numbers are yet to be disclosed. The firm operates in a competitive space with OfBusiness, Zetwerk, and Moglix. OfBusiness clocked Rs 19,296 crore in revenue in FY24, while Zetwerk and Moglix posted Rs 14,436 crore and Rs 4,964 crore, respectively. By opting for the confidential filing route introduced by SEBI last year, Infra.Market joins the likes of PhonePe, Meesho, Shadowfax, PhysicsWallah, Groww, Shiprocket, boAt, and Aequs, which have kept their draft filings under wraps until closer to listing.

Waste management startup Bumboo raises angel funding

EntrackrEntrackr · 10m ago
Waste management startup Bumboo raises angel funding
Medial

Imaga Trade and Craft Pvt Ltd, operating under the brand name Bumboo, has raised its first round of angel funding from industry leaders for an undisclosed amount. The round saw participation from Rohan Bhargava (Co-founder of CashKaro), Saurabh Gupta (CEO and co-founder of UrbanPiper), Shashank Bijapur (Founder of SpotDraft), Rajneil Kamath (Former Google and NC Media), Harikrishnan M (DMart), Sridhar V (Microsoft), and Rajat Jain (Think Wealth). The proceeds will be used to fuel Bumboo's expansion in Indian and global markets. The company claims to have served over 3,500 businesses including prominent names like Zomato, Swiggy, ITC, Blue Tokai, Curefoods, Chaayos, and Barbeque Nation. Founded in 2019 by Anirudh Balakrishnan (Bala), Rohit Keshan, and Praveen Kumar, Bumboo transforms agricultural waste like sugarcane bagasse and wheat straw into sustainable packaging solutions. This approach addresses both waste management and air pollution challenges, particularly relevant in cities like Delhi where crop burning significantly impacts air quality. Based in New Delhi and presence in Bengaluru and Mumbai, Bumboo offers more than 50 plastic alternatives specifically designed for the food service industry, catering to the rapidly growing cloud kitchen and food delivery market.

Amagi appoints independent directors ahead of IPO

EntrackrEntrackr · 4m ago
Amagi appoints independent directors ahead of IPO
Medial

Amagi, a cloud-based media SaaS company, has appointed two independent directors in compliance with the Companies Act, ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Amagi has appointed Ira Gupta and Giridhar Sanjeevi as independent directors of the company, its regulatory filings accessed from the Registrar of Companies (RoC) shows. Gupta currently serves as an Independent Director at SRF Limited and Senior Advisor at McKinsey & Company. Previously, she was Head of HR at Microsoft India and held leadership roles at GlaxoSmithKline. The details about Sanjeevi couldn’t be ascertained. As per media reports, Amagi is planning to raise Rs 3,200 crore through public listing, and has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as book-running lead managers. Amagi is a cloud-based media SaaS company offering solutions for content creation, distribution, and monetization. Its platform enables broadcasters to virtualize operations and deliver personalized ads for clients such as Warner Bros., NBCUniversal, Rakuten TV, and Paramount. According to startup data intelligence platform TheKredible, the SaaS unicorn has raised around $340 million to date from investors including Premji Invest, Accel, General Atlantic and others. Amagi, which had secured a stable revenue stream following a challenging pivot, became a unicorn in March 2022 after raising $100 million in its largest funding round led by General Atlantic. During the fiscal year ending March 2024, the company recorded 29% year-on-year growth in its operating revenue to Rs 879 crore while managing to reduce its losses by 23.7% to Rs 245 crore in FY24. Several companies gearing up for their IPOs—such as Zepto, Milky Mist, PhysicsWallah, and Shadowfax—have recently added independent directors to their boards to comply with SEBI’s regulatory norms. In April, Zepto brought on Akhil Gupta, Vice Chairman of Bharti Enterprises, as an independent director. That same month, Milky Mist appointed Radha Venkatakrishnan and Mallika S. Janakiraman as additional (independent) directors. Earlier, edtech unicorn PhysicsWallah and logistics startup Shadowfax each named three independent directors in March and February, respectively.

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

EntrackrEntrackr · 1m 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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