Physics Wallah: 101st Startup in India’s Unicorn Club
At a time when edtech companies are not performing well and facing humongous challenges, India has gained its 101st unicorn from the edtech spectrum. Launched by Alakh Pandey and Prateek Maheshwari, Physics Wallah is a leading eight-year-old edtech platform that helps students prepare for competitive engineering and medical entrance examinations.
The unicorn startup has raised a funding of $100 million which has made Physics Wallah to entire the elite unicorn club of India. As per an ET report, the company now stands at a valuation of $1 billion (over Rs 8,551 crore).
The startup is planning to use the funds for the expansion of the business, branding activities, introducing more courses, and opening more offline learning facilities. Furthermore, other plans also include launching educational content in 9 vernacular languages namely Kannada, Tamil, Marathi, Odia, Malayalam, Bengali, Telugu, and Gujarati, with the purpose to reach every corner of the country.
Alakh Pandey, the Co-Founder of the latest unicorn startup, Physics Wallah mentioned, “This latest development will help us further our vision and implement new initiatives to augment the learning journeys of students, thereby enabling them to reach new heights in their careers. Our commitment remains that every dollar spent in Physics Wallah is for the greater good of learners.
India’s 101st unicorn startup, Physics Wallah also specialises in providing comprehensive lectures and sessions on its Youtube channel.
PURPLLE: 102nd Startup to enter the Unicorn Club
Another startup to enter into India’s unicorn club is Purplle, an online beauty-focused eCommerce brand. After raising a $33 million in funding, the platform has listed itself among the unicorn startups in India.
Launched in 2012, Purplle is a rival of Nykaa with 7 million monthly active users. It is backed by Goldman Sachs, JSW Ventures, and many others.
“From the first quarter of FY22 to Q1 of FY23, our revenue has more than doubled. Also, the business has become more diversified. While online is obviously still the lion’s share of our revenue, offline is also now quite significant. I think that’s what’s probably led to us being able to command a valuation that is almost double of what it was in the last round,” said Manish Taneja, the CoFounder and CEO of the company to the Economic Times.
Both the startups, physics Wallah and Purplle, have finally put an end to India’s unicorn crunch by giving two unicorns to India in June and that too in a single week.
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