PhysicsWallah, an edtech unicorn backed by Westbridge and GSV Ventures, said on Thursday it had acquired test prep platform PrepOnline and examination preparation books distributor Altis Vortex for just an undisclosed sum in a cash-and-stock transaction.
This is the company's second purchase since becoming a unicorn in June. It paid an undisclosed sum for Rajasthan doubt-solving & resource management firm FreeCo in August.
PhysicsWallah intends to broaden its entire reach and expand the products throughout India.
Following its most recent acquisitions, PhysicsWallah has hired a total of 80 people for teaching support and editorial content expertise, including 35 from PrepOnline & 45 of Altis Vortex.
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PrepOnline is just a test preparation tool for tests such as the National Eligibility Cumulative Entrance Test (NEET) and the Common University Entrance Test (CUET) (CUET). Altis Vortex, that has released more than 150 publications, covers examinations such as the Graduate Aptitude Test in Engineering (GATE) and the Union Public Service Commission (UPSC), among many others.
PhysicsWallah (PW), which was launched during in the pandemic in 2020, intends to prepare pupils for engineering & medical admission exams. PW, founded by Alakh Pandey with Prateek Maheshwari, focuses in providing thorough lectures and sessions for students preparing for NEET and JEE Mains via YouTube, its PW app, and also the website.
It became a unicorn this year after obtaining $100 million in Series A investment from Westbridge & GSV Ventures at the a valuation exceeding $1.1 billion.
“PrepOnline and Altis Vortex will make quality education more accessible and affordable for students preparing for government jobs," said Pandey.
PhysicsWallah forayed into in the test preparations vertical previous month has postgraduate students preparing to the Graduate Aptitude Test for Engineering (Gate) tests.
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With the restoration the offline educational institutions, the edtech business, which thrived during the epidemic as instruction migrated online, has seen a huge financing crisis and a slowdown in valuations. Several companies have turned to massive layoffs and reduced discretionary expenditure in order to save money.
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