The Andhra government has joined hands with edtech startup Physics Wallah to set up the state’s first deeptech and AI-focused Institute of Eminence (IoE)
Through the partnership Physics Wallah will invest up to INR 1000 Cr by GSV Ventures – US and other investors, the purpose is to create an institution that combines academic learning with industry relevance
The IPO-bound edtech startup is also collaborating with industry partners like Amazon Web Services (AWS) India to provide industry relevant education
The Andhra government has joined hands with edtech startup Physics Wallah to set up the state’s first deeptech and AI-focused Institute of Eminence (IoE).
The move also aligns with the vision of the state’s chief minister N Chandrababu Naidu to foster its youth with education in AI, emerging technologies, new age skills and entrepreneurship.
Physics Wallah’s founder and chief executive Alakh Pandey said, “Our partnership with the Government of Andhra Pradesh to establish the University of Innovation is a step towards that belief. We are committed to invest up to INR 1000 Cr by GSV Ventures – US and other investors, the purpose is to create an institution that combines academic learning with industry relevance.”
The IPO-bound edtech startup is also collaborating with industry partners like Amazon Web Services (AWS) India to provide industry relevant education.
The institute is established with the idea of blending academic excellence, innovation, and research, where its focus is planted on addressing challenges in education and employability. The initiative will follow a hub-and-spoke model, with the university serving as the central hub, and satellite centers across the state, the statement further said.
Founded in 2020 by Pandey and Prateek Maheshwari, Physics Wallah currently operates offline and hybrid centres in more than 105 cities in India. It also claims to offer free education to over 4.6 Cr students through its 112 YouTube channels in five vernacular languages.
Recently turned into a public entity, the edtech startup has now set its eyes on listing on the stock exchanges next year alongside a queue of startups, including Bira91, CarDekho and Captain Fresh. Physics Wallah has reportedly shortlisted Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as the bankers for the proposed IPO.
Meanwhile, in September, the edtech unicorn became the latest entrant to the 2024 mega deal club after it raised $210 Mn in its Series B round led by Hornbill Capital at a post-money valuation of $2.8 Bn.
The startup has raised $310 Mn till date and is backed by Lightspeed Venture Partners, GSV and WestBridge.
