14th June 2024
Edtech unicorn Physics Wallah stated it has laid off 120 staffers, amounting to lower than 0.8% of its workforce in relation to efficiency issues.

The choice, undertaken after a mid-term appraisal evaluation led to October, is aimed toward making certain Physics Wallah’s major concentrate on sustaining a high-performing workforce, a high official instructed ET. The spokesperson was responding to ET’s request for feedback on a number of posts on social media about Physics Wallah shedding over 500 staffers in a “completely unprofessional” method. ET couldn’t confirm the contents of the social media posts.

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“We plan to rent an extra 1,000 staff within the subsequent six months, reinforcing our dedication to progress. We deeply worth the dedication of our current staff and acknowledge their integral function in shaping the way forward for schooling know-how,” Satish Khengre, chief human assets officer of Physics Wallah, instructed ET
Physics Wallah prepares college students for aggressive engineering and medical entrance examinations.

In August, Physics Wallah had stated it was launching 26 offline centres throughout India throughout as many cities. Presently, it runs 67 centres, known as PW Vidyapeeth, working in 38 cities. The offline centres provide curriculum for engineering and medical entrance examinations.

Based by Alakh Pandey and Prateek Maheshwari, Physics Wallah entered the unicorn membership final 12 months, when it raised $100 million in its maiden funding spherical from WestBridge Capital and GSV Ventures at a valuation of $1.1 billion. A unicorn is a privately-held startup valued at $1 billion or extra.

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The worthwhile enterprise’s income within the monetary 12 months ended March 2023 had jumped three-fold to Rs 780 crore as in comparison with Rs 233 crore in FY22. For FY24, it has set a income goal of Rs 2,500 crore on the group degree, with about Rs 1,900 crore coming in from its core operations and the rest from acquired companies.In June, Physics Wallah had introduced a Rs 500 crore funding to accumulate Kerala-based hybrid studying platform Xylem Studying over the subsequent three years to accumulate a 50% stake.

Xylem Studying was the most recent in a sequence of acquisitions made by GSV Ventures and WestBridge Capital-backed Physics Wallah since 2022. Over the interval, it has purchased firms reminiscent of Information Planet, iNeuron, Altis Vortex, PrepOnline and FreeCo.

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