PhysicsWallah became India's 101st unicorn.

When edtech startups have begun to feel the pressure of raising funds and are looking to lay off employees to manage costs, edtech platform PW (PhysicsWallah) has become India's 101st unicorn by raising $100 million in Series-A funding from Westbridge and GSV Ventures.

The company is valued at $1.1 billion after completing the transaction. So far, the company has been bootstrapped, which means the series A funding is the first instance of external investors coming on board.

It is also the second bootstrapped company to raise a substantial amount in series A after Kota-based ALLEN Career institute bagged $600 million from Bodhi Tree Systems. PW will use the funds for business expansion, branding, opening more learning centers, and introducing more courses.

PW currently has 5.2 million Play Store downloads with a 4.7 rating and 6.9 million subscribers on YouTube. Unlike several edtech platforms like Byju's, Vedantu, and others who have started to create offline presence, PW already has established more than 20 centers across 18 cities with more than 10,000 students enrolled for the 2022-2023 session.

PW provides educational content in lectures, videos, and notes; over 10,000 students have cracked competitive exams like NEET and JEE in 2020 and 2021, PW claims. The platform also claims that at least one in six medical students and one in 10 engineering students in India are from PW.

WestBridge Capital Managing Director Sandeep Singhal said: "The Indian edtech ecosystem has grown considerably in the past two years. However, recent developments have demonstrated an efficient edtech infrastructure's first-hand importance.

PW creates long-tail value for learners by delivering high-quality education at a reasonable price. PW is a rare startup with a profound understanding of the education that BHARAT today needs."

Alakh Pandey founded PW in 2016 as a channel on YouTube; in 2020, along with Prateek Maheshwari, the company was formed. Unlike several edtech players, PW is also profitable. According to regulatory filings, its revenue for FY21 was Rs 24.52 crore and a profit of Rs 6.93 crore.