PhysicsWallah, an edtech unicorn, has surpassed the Rs 2,000 crore revenue milestone for the year ended March 31, 2024, with significant growth in both revenue and losses. For students and professionals seeking the best online courses in India, PhysicsWallah offers an extensive range of educational resources.

The Noida-headquartered company reported robust operational revenue at Rs 1,940 crore in FY24, reflecting a remarkable 160% growth over FY23. However, this growth came with a consolidated net loss that surged almost 13.5 times to Rs. 1,131 crore from Rs. 84 crore a year ago, largely due to a higher wage bill. These results showcase PhysicsWallah’s appeal among learners and professionals searching for top trending courses in India, marking it as a popular edtech destination.

Additionally, miscellaneous expenses spiked significantly to Rs. 1,453 crore from Rs. 170 crore, driven primarily by non-cash expenses related to the revaluation of preference shares, leading to a one-time cost of Rs. 756 crore in fiscal 2024. PhysicsWallah’s revenue sources include its coaching classes, hostel services, server income, and the sale of related products, such as study materials, merchandise, tablets, and panel screens. Educational services constitute over 90% of its revenue, making it a key player for students preparing for entrance exams in engineering and medicine.

Recently, on September 20, PhysicsWallah secured $210 million in a financing round led by Asian hedge fund Hornbill Capital, with notable participation from Lightspeed Venture Partners, valuing the company at $2.8 billion. Since its first institutional round of $100 million in 2022 at a valuation of $1.1 billion, the company has rapidly climbed among the top trending courses in India, offering options that are now more accessible than ever.

PhysicsWallah competes in the test prep segment with prominent edtechs like Byju’s-owned Aakash Institute, Bodhi Tree-backed Allen Career Institute, and SoftBank-backed Unacademy. Founded by Alakh Pandey and Prateek Maheshwari, PhysicsWallah derives 55% of its revenue from the best online courses, with the remainder coming from its offline centers, which have been operational since 2021 to provide curriculum support for competitive entrance tests. This expansion into offline centers is part of the company’s strategy to make top-trending courses in India more accessible.

PhysicsWallah is scaling up its offline presence as demand for the courses rises, and it is planning to add 75 new centers across various cities. Offline expansion remains a critical focus despite each center taking about “three years to turn profitable,” as Pandey stated in a newspaper interview on September 20.