Edtech unicorn PhysicsWallah clocked a revenue of Rs.2000 during the fiscal year that concluded on March 31, 2024, but its loss significantly increased.

Based in Noida, the edtech company’s operating revenue grew from Rs 744 crore in FY23 to Rs 1,940 crore in FY24, indicating a noteworthy 160 percent increase.

It is said that its net loss was further surged about 13.5 times, from Rs 84 crore to Rs 1,131 crore, in the previous year due to significant spending on manforce labor expenditure.

While the same, the edtech unicorn had a sharp increase in miscellaneous expenses from Rs 170 crore to Rs 1,453 crore.

It claims that non-cash costs associated with the revaluation of its preference shares are included in this increase. In fiscal 2024, this resulted in a one-time expense of Rs 756 crore.

Currently, it’s alleged that the company has revised its financials to reflect a net loss of Rs 84 crore for the year, as it had previously experienced a net profit of Rs 16 crore for FY23.

For PhysicsWallah, the main source of funds appears to be garnered coaching sessions, hostel services, server revenues, and associated product sales of study aids, goods, tablets, and panel screens.

The selling of educational services accounted for more than 90 percent of its revenue, with product sales making up the remaining portion.

The competitive test preparation market is the edtech company's primary focus.

On September 20, it concluded a $210 million funding round, with venture capital firm Lightspeed Venture Partners playing a major role and led by Asian hedge fund Hornbill Capital. The edtech major was valued at $2.8 billion in this round.

It was founded by Alakh Pandey and Prateek Maheshwari, and while offline centers account for the remaining portion of its business, online sources account for 55 percent. In 2021, its offline locations opened, providing a curriculum for entrance exams in engineering and medicine.