Edtech Unicorn PhysicsWallah Sees 182% Growth in Online Course Enrollment, Revenues Rise to ₹771.76M in FY23

News update

PhysicsWallah (PW)head edtech platform, has seen remarkable growth in its online education segment with a staggering 182% increase in enrollments for online paid courses in 2023 compared to the previous year. The Noida-based company reported a substantial increase in online paid orders, rising to 24 million in 2023 from 8.5 million in the previous year.

This increase in online education reflects students’ growing preferences for the convenience, self-study, and personalized experiences offered by online education, especially in the post-pandemic era. Alakh Pandey, founder and CEO of PhysicsWallah, expressed excitement over the continued success of online education despite fears of its decline following the pandemic.

Speaking at TechSparks 2023 in September, Pandey highlighted the company’s significant growth in its online business, even as students preferred offline channels. PhysicsWallah operates through online, offline and hybrid modes, with offline centers contributing 40% of its revenue in 2023.

Founded as a YouTube channel in 2014, PhysicsWallah has also seen significant growth on the platform, boasting 4 million YouTube subscribers, including 1.5 million new additions in 2023. The company’s 81 YouTube channels have amassed an impressive 275 million views and 20 million hours tracking. time throughout the year.

Community building is a key strategy for PhysicsWallah, which focuses on providing free education on YouTube to develop trust and a strong student base. This approach translated into the success of the PW app, which recorded 32.71 million watch hours, 120 million views and 53 million unique users in 2023. Average daily viewing time on the platform increased to 65 minutes from 50 minutes in the previous year. .

The company reported an improvement in its Net Promoter Score (NPS) across various metrics, indicating positive customer perception. Notably, PW has seen an increase in demand for courses in languages ​​other than English, with a 300% increase in enrollment in Hindi medium courses and a five-fold increase in the student base for vernacular languages ​​such as Marathi, Bengali, Gujarati, Kannada and Telugu.

PhysicsWallah’s financial income from operations rose to ₹771.76 crore in FY2022-23 from ₹232.47 crore in the previous fiscal year. The company posted adjusted EBITDA of ₹127 million in FY23, adjusted for ESOP costs, lease settlement provision (LER) and one-time inventory grants, compared to ₹134 million in FY22. EBITDA is a key measure of operating efficiency.

Founded in 2020, PhysicsWallah has expanded into a 28 category test preparation and qualification vertical, operating over 72 Vidyapeeth (Offline) Technology Centers and 28 Pathshala (Hybrid) Centers across India.

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