Physics Wallah, an edtech startup specializing in coaching for engineering and medical entrance exams, confirmed the layoff of 120 employees. This figure represents less than 0.8% of its total workforce and follows a comprehensive mid-term performance evaluation concluded in October. Satish Khengre, the Chief Human Resources Officer of Physics Wallah, clarified that this move is part of the company’s strategy to maintain a high-performing team. The announcement came amidst social media speculations, which suggested the layoff of over 500 staff members, a claim that remains unverified by ET.
Simultaneously, Physics Wallah is reinforcing its commitment to growth and expansion. Khengre announced the company’s plans to hire an additional 1,000 employees in the next six months, highlighting the significant role of their workforce in shaping the future of educational technology.
Physics Wallah, co-founded by Alakh Pandey and Prateek Maheshwari, catapulted to unicorn status last year following a $100 million funding round that valued the company at $1.1 billion. Demonstrating robust financial health, Physics Wallah reported a threefold increase in revenue, reaching Rs 780 crore in the financial year ending March 2023. The company has set an ambitious revenue target of Rs 2,500 crore for FY24, with a significant portion expected from its core operations.
The company’s growth trajectory includes strategic acquisitions and expansion of its offline presence. Physics Wallah, which launched 26 new offline centers across India last August, now operates 67 PW Vidyapeeth centers in 38 cities, offering specialized curriculum for entrance exams. Additionally, Physics Wallah recently announced a Rs 500 crore investment over the next three years to acquire a 50% stake in the Kerala-based hybrid learning platform Xylem Learning. This acquisition is the latest in a series of strategic moves by the company, following the purchases of Knowledge Planet, iNeuron, Altis Vortex, PrepOnline, and FreeCo, marking its steady expansion in the edtech landscape.
