PhysicsWallah, India’s leading edtech unicorn, is reportedly in the final stages of acquiring Drishti IAS, a well-established offline coaching institute specializing in UPSC and state services exam preparation. If the deal, valued at ₹2,500–3,000 crore, goes through, it will mark one of the biggest acquisitions in the Indian edtech industry in recent years.
A Strategic Move Amid IPO Plans
The Noida-based PhysicsWallah has been rapidly expanding into the offline coaching space and is also preparing for an initial public offering (IPO). The company recently appointed independent directors and is aiming to raise $500 million at a $5 billion valuation.
According to sources, the deal with Drishti IAS will be structured in tranches, with payments linked to future performance milestones. Discussions between the two companies reportedly began in January, and the acquisition is expected to be finalized soon.
Denial from Drishti IAS CEO
Despite strong reports of an impending deal, Vivek Tiwari, CEO of Drishti IAS, has dismissed the news as “just a rumour” and stated that no agreement has been finalized. Queries sent to PhysicsWallah have not yet received a response.
Company Financials & Growth Trends
Drishti IAS (FY24)
- Revenue: ₹405 crore
- Profit After Tax (PAT): ₹90 crore
- Key Revenue Contributor: Mukherjee Nagar, Delhi (58% of total earnings)
PhysicsWallah (FY24)
- Revenue: ₹1,940.4 crore (up from ₹744.3 crore in FY23)
- Losses: ₹1,131 crore (a 13X increase from ₹84 crore in FY23)
- Total Funding: Over $300 million, valued at $2.8 billion in 2023
Why This Acquisition Matters?
The deal aligns with PhysicsWallah’s offline expansion strategy. The company has aggressively ventured into hybrid coaching models and aims to generate ₹1,000 crore in offline revenue by FY25. With its strong brand presence in UPSC coaching, Drishti IAS will provide PhysicsWallah with an immediate foothold in the highly competitive civil services preparation market.
As PhysicsWallah scales up for its IPO, this acquisition—if finalized—will reinforce its position as a dominant force in the Indian hybrid education sector. The coming weeks will determine whether this multi-crore deal materializes, shaping the future of both companies in India’s evolving edtech landscape.
