Edtech Unicorn 'Physics Wallah' revenue hits 
2,015 crore in FY24
Edtech unicorn Physics Wallah (PW) saw a 2.6X increase in operating revenue in the fiscal year that ended in March 2024, but a steep increase in expenses caused the firm's losses to widen by 4.4X.
According to Physics Wallah's consolidated financial records filed with the Registrar of Companies, the company's operating revenue increased to Rs 1,940.4 crore in FY24 from Rs 744.3 crore in FY23.
More than 90% of the company's income comes from providing educational services, with the remaining portion coming from product sales. Additionally, it earned Rs 74.64 crore from interest and gains on financial assets, bringing its FY24 total revenue to Rs 2,015 crore.
Physics Wallah, which was established in 2020 by Alakh Pandey and Prateek Maheshwari, offers study guides and online and offline courses for state board examinations, JEE, NEET, and other engineering entrance exams. Additionally, the corporation has departments dedicated to study abroad options, higher education, and skill development.
In addition to serving 5.5 million paying students, Physics Wallah claims to provide free instruction to approximately 4.6 crore (46 million) pupils through its 112 YouTube channels in five vernacular languages.
Going on to the company's expenditures, it spent Rs 1,159 crore, or 35.3% of the total, on employee benefits. Compared to the Rs 412.6 crore booked in FY23, this expenditure increased by 180.9%.
Other expenses that increased dramatically over the course of the year were the cost of materials and legal/professional fees. Crucially, the business reduced its advertising and promotional costs by 70.8% to Rs 19.56 crore in FY24.
The company's overall expenses increased by 280.4% to Rs 3,279 crore in FY24, well ahead of revenue growth.
Notably, the business reported miscellaneous expenses totaling Rs 1,452.7 crore. According to a business representative, Rs 756 crore of that amount has been recorded as fair value loss of CCPS (non-cash charge).
