Edtech unicorn PhysicsWallah, backed by Westbridge and GSV Ventures among marquee investors, on Thursday said it has acquired test preparation platform PrepOnline and exam preparation books publisher Altis Vortex for an undisclosed amount in a cash-and-stock deal.
This marks the Noida-based company’s second acquisition after turning unicorn in June. In August, it acquired Jaipur-based doubt-solving and resource management startup, FreeCo for an undisclosed amount.
PhysicsWallah aims to expand its overall reach and scale its offerings across India.
Close on the heels of its latest acquisitions, PhysicsWallah has onboarded a total of 80 employees for its teaching assistance and editorial content expertise, which comprises 35 from PrepOnline and 45 from Altis Vortex.
PrepOnline is an online test preparation platform for exams like National Eligibility cum Entrance Test (NEET) and Common University Entrance Test (CUET). While, Altis Vortex, which has published over 150 books, covers exams like Graduate Aptitude Test in Engineering (GATE) and Union Public Service Commission (UPSC), among others.
Launched during the pandemic in 2020, PhysicsWallah (PW) aims to prepare students for engineering and medical entrance examinations. Founded by Alakh Pandey and Prateek Maheshwari, PW specializes in giving comprehensive lectures and sessions on YouTube, the PW app, and the website for students aspiring for NEET, JEE Mains.
It turned unicorn this year after raising $100 million in its Series A funding round from marquee investors Westbridge and GSV Ventures at a valuation of $1.1 billion.
A unicorn is a privately-held startup with a valuation of $1 billion or more.
“PrepOnline and Altis Vortex will make quality education more accessible and affordable for students preparing for government jobs,” said Pandey.
“We have been partnered with PW since the beginning by delivering content and operational support. Now we will work together as a team towards building new exam preparation categories and catalysing PW’s growth,” said Vivek Gaur, Co-Founder PrepOnline and Altis Vortex.
Last month, PhysicsWallah forayed into test preparations vertical for post graduate students preparing for their Graduate Aptitude Test in Engineering (Gate) examinations.
The edtech industry, which boomed during the pandemic as teaching moved online, has witnessed a major funding crunch and moderation in valuations with reopening of offline educational institutions.
With a focus on conserving costs, several have resorted to mass layoffs and trimming discretionary spending.