Edtech unicorn PhysicsWallah (PW) said it remained profitable and witnessed a remarkable revenue increase to Rs 798 crore in FY23, marking a 3.4-fold surge from the previous year. The growth comes on the back of its expanded penetration in the offline category.
The revenue from operations rose significantly to Rs 771.76 crore, up from Rs 232.47 crore in the previous fiscal year and Rs 24.6 crore in FY21.
Expansion in student enrolments
PhysicsWallah’s co-founder, Prateek Maheshwari, highlighted the company’s growth in both online and offline sectors. The online student headcount grew 2.5 times, from 9 lakh in FY22 to 23.5 lakh in FY23. Meanwhile, offline enrolments saw a 5.5-fold increase, reaching 60,000.
The growth in student enrolments came after the company’s entry into new exam categories and skilling initiatives.
Financial management and profitability
Despite the substantial revenue growth, PhysicsWallah reported an adjusted EBITDA of Rs 127 crore in FY23, slightly down from Rs 134 crore in FY22.
The figure was adjusted for ESOP costs, Lease Equalization Reserve (LER), and one-time inventory provisioning. The company’s total expenses also rose to Rs 777 crore, inclusive of non-cash expenses. Employee costs surged to Rs 406 crore, including ESOP benefits.
Strategic investments and acquisitions
PhysicsWallah achieved unicorn status in June last year and secured $100 million in Series A funding. Approximately $40 million of this funding was spent in acquiring companies.
Physics Wallah completed eight acquisitions in FY23, which the company belieces are to contribute significantly to its FY24 financials.
Alakh Pandey, Founder and CEO of PhysicsWallah, said, “Education uplifts societies and drives economic growth. We will continue to plough back all the free cash flows generated by the business back into it to serve more students, touch more lives, and transform more families.”
The company plans to expand its reach further, aiming to teach 250,000 students by the 2024-25 academic year.
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