In an interview last week, Prateek Maheshwari stated that the company had no plans to raise any new funding.
Prateek Maheshwari and Alakh Pandey’s startup, PhysicsWallah, has announced its plans to invest Rs. 100 crore in its UPSC vertical. The company has recently launched a test preparation center for UPSC in Rajinder Nagar, Delhi. Their goal is to train around 3 lakh UPSC aspirants within the next three years.
Even though Prateek Maheshwari stated in an interview last week that their company wasn’t seeking any new funding, they are still aiming to increase their valuation. Currently, PhysicsWallah is focused on increasing profitability.
Previously, PhysicsWallah had raised a funding amount of 100 million dollars, which valued the company at around 1.1 billion dollars (approximately Rs. 9000 crore).
During the interview, Maheshwari mentioned that PhysicsWallah had been profitable for the past three years. He also revealed that around 60 percent of the funds they had generated were currently unused. He made these comments in response to reports suggesting that they were planning to raise 250 million dollars to boost their valuation to 3.3 billion dollars.
Maheshwari mentioned that PhysicsWallah’s growth had increased fourfold since the 2022 financial year. Therefore, they are considering an increase in their valuation. He also explained that since students pay their fees in advance, the company doesn’t require additional funding. Instead, they have utilized the funds to finance acquisitions.
During the financial year 2022, PhysicsWallah reported a profit of Rs. 97.8 crore, with a revenue of Rs. 234 crore.
Prateek Maheshwari completed his B.Tech from IIT BHU during the period of 2007 to 2011. He holds an engineering degree.
In the previous year, Prateek Maheshwari and Alakh Pandey were featured on the Hurun List, where they were ranked 399th out of 1103 individuals with a personal wealth of Rs. 4000 crore.
The company has more than 70,000 students enrolled in its offline centers and over 2,000 teachers working with them.
The company was founded in 2020 by Pandey and Maheshwari. Pandey received a salary of Rs 7.35 crore in 2021. In 2022-2023, he earned Rs 9.6 crore. He is also the founder of a company called PenPencil and Night Panda.