Edtech unicorn Physics Wallah said Thursday it has named a former Blinkit executive as its chief finance officer (CFO), making its first such appointment for the position.
The Lightspeed-backed company has appointed Amit Sachdeva as its CFO. He will be responsible for the oversight and planning of the company's finances, it said in a statement.
Prior to joining Physics Wallah, Sachdeva held the title of CFO at IGT Solutions, the digital solutions company owned by private equity major EQT, for close to two years until his departure this month.
Previously, he led quick commerce platform Blinkit's finance operations, serving as its CFO and finance head for a little more than three years and oversaw the acquisition of the Gurugram-based company to Zomato. He left the company in August 2022.
“Amit’s experience in financial leadership and his focus on robust corporate governance will be invaluable as we continue our efforts to grow and broaden our educational impact," Physics Wallah CEO Alakh Pandey said.
The appointment comes at a time when the edtech startup is sinking deeper into the red, with its net loss widening to Rs 375 crore adjusted for one-time expenses in the fiscal year ended March 2024 from a loss of Rs 84 crore in the previous year, despite revenue showing strong growth.
The company was founded by Alakh Pandey and Prateek Maheshwari in 2020 and is headquartered in Noida. It caters to students preparing for competitive examinations. In September, it raised $210 million in Series B funding led by Lightspeed Ventures, taking the total capital raised to $310 million and valuing the company at $2.8 billion.