Exclusive: PhysicsWallah acquires minority stake in Sarrthi IAS

PhysicsWallah has acquired a minority stake in UPSC coaching institute Sarrthi IAS , according to three sources aware of the development.

“PW has picked up 40% in the company at a valuation of about Rs 250 crore. Sarrthi will continue to operate independently while leveraging on PhysicsWallah’s tech infra,” said one of the sources, requesting anonymity.

Entrackr exclusively reported on the PhysicsWallah-Sarrthi deal in April.

Founded by Varun Jain and Dr. Shivin Chaudhry, Sarrthi IAS provides mentorship-focused courses for UPSC preparation. The platform offers GS Foundation, Mains modules, Prelims revision, and interview guidance.

The deal marks a consolidation move in the UPSC prep market, where PhysicsWallah has been scaling through its vertical PWOnlyIAS. “After this deal, the combined UPSC vertical including PWOnlyIAS and Sarrthi IAS is expected to cross Rs 350 crore in revenue in FY26,” according to the source quoted above.

For PhysicsWallah, the investment strengthens its positioning in the civil services test-prep segment UPSC and all state public service commission exams, and adds heft to its offline presence. PW had earlier explored larger acquisitions, including Drishti IAS, but talks did not materialise.

Entrackr has reached out to PhysicsWallah and Sarrthi IAS for comments on the story. We will update the story in case they respond.

The stake purchase comes as PhysicsWallah gears up for its IPO.  The company received SEBI’s nod to file its Draft Red Herring Prospectus (DRHP) and is planning to raise around Rs 4,500 crore through the IPO. 

According to the startup data intelligence platform TheKredible, PhysicsWallah has raised $312 million to date, including $210 million Series B led by Hornbill Capital with the participation of Lightspeed, GSV, and WestBridge Capital, where it was valued at $2.8 billion.

On the revenue front, the Alakh Pandey-led firm reported a 55% year-on-year jump to around Rs 3,000 crore in FY25, while losses narrowed by nearly 80% during the same period. Entrackr had exclusively reported these numbers last month.