Edtech unicorn PhysicsWallah (PW) will invest Rs 500 crore in Kerala-based hybrid learning platform Xylem Learning over the next three years to acquire a 50% stake.
The investment is part of PhysicsWallah’s goal to expand its presence in South India,the Noida-based company said. As a part of the transaction, Xylem founder and CEO Ananthu S will drive the South India business. Xylem plans to double its revenue in FY24 to Rs 300 crore from Rs 150 crore in FY23.
This is the sixth acquisition for the Alakh Pandey-led company. Last year, it acquired UAE-based K-12 online and offline learning startup Knowledge Planet that offers test-prep products targeted at NRIs in the Gulf region. It has also acquired companies including iNeuron, Altis Vortex, PrepOnline and FreeCo.
Xylem, which offers test prep courses for exams such as NEET and JEE, is currently present in Kerala and will now expand to Tamil Nadu, Andhra Pradesh and other southern markets. It provides free classes to over 3 million students through its 30 YouTube channels. Additionally, it has more than 100,000 paid students for various online courses and 30,000 students in its offline/hybrid centres located across Kerala.
