An Indian edtech startup that has made headlines in small Indian towns and cities for its low-cost tuition offerings is the latest to join the country’s fast-growing unicorn club.
PV, or PhysicsWallah, has raised $100 million in Series A funding, the startup announced on Tuesday. Westbridge and GSV Ventures funded the round, which values the startup at $1.1 billion (after cash).
PW showcased a business model that works in small Indian cities, places that many have long felt have little to offer to support any monetization model. PW charges students as little as $4 and has 6.9 million subscribers.
PW represents a broader shift in the Indian startup ecosystem. Urban India—or “India1,” as venture capitalist Sajit Pai classifies it—seems to have pretty much run out of steam, with only a few options left. So it’s no surprise that PW has been one of the hottest deals that many VCs have been chasing for several quarters.
“From the very beginning, we have focused on providing high quality education with accessibility first, ensuring that students from all walks of life can continue their higher education without any problems and enhance their careers,” said Alah Pandey, founder and leader. PW chief executive, in a statement.
“This latest development will help us realize our vision and implement new initiatives to expand student learning opportunities, thereby enabling them to reach new heights in their careers. Our commitment remains the same: “every dollar spent on PW goes to the benefit of students.”
The startup’s success comes at a time when many established edtech players are struggling and have cut their workforce in recent weeks.
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