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Edtech unicorn PhysicsWallah is on an acquisition spree, with the Noida-based firm now in final-stage talks to acquire Sarrthi IAS, sources told Entrackr. This move follows its earlier discussions with other UPSC coaching platforms, including Drishti IAS.
“PhysicsWallah has identified the UPSC preparatory space as its next major growth category and is currently in talks with a group of coaching platforms, including Sarrthi,” said one of the sources requesting anonymity. “The two companies have been in discussions for a few weeks, and the terms of the deal are in the final stages of materialization.”
Founded by Varun Jain and Shivin Chaudhry, Sarrthi IAS provides mentorship-focused courses for UPSC preparation. The platform offers GS Foundation, Mains modules, Prelims revision, and interview guidance.
The discussions between the two companies come at a time when PhysicsWallah is already negotiating a Rs 2,500–3,000 crore deal to acquire Drishti IAS. Entrackr was the first to report the PW-Drishti development.
According to a report by The Economic Times, the Alakh Pandey-led company has also initiated acquisition discussions with Chaitanya Academy and Rau’s IAS Study Circle.
“The Sarrthi acquisition deal is likely to be in the range of Rs 120–130 crore,” said another source familiar with the discussions, requesting anonymity. The person added that Sarrthi closed FY25 with Rs 35 crore in revenue and around Rs 20 crore in profits.
To be sure, the terms of the deal may change at the last moment.
According to sources, Delhi-based Sarrthi IAS has been looking to consolidate with a larger player for some time and has held talks with other edtech firms as well.
Responding to Entrackr’s queries, Varun Jain, Founder of Sarrthi IAS, said the details are inaccurate and no such talks are ongoing. PhysicsWallah did not offer a comment on the story.
PhysicsWallah is also gearing up for its initial public offering (IPO). The Noida-based company recently appointed three independent directors and is aiming to raise $500 million at a $5 billion valuation. With over $300 million fundraise, PhysicsWallah is valued at $2.8 billion and reported Rs 1,940.4 crore revenue in FY24.
The potential acquisitions come after a gap of nearly two years for the WestBridge-backed company. In June 2023, it acquired a controlling stake in Kerala-based hybrid learning platform Xylem Learning. Its portfolio of acquisitions also includes UAE-based K-12 online and offline learning startup Knowledge Planet, as well as iNeuron, Altis Vortex, PrepOnline, and FreeCo — none of which have seen significant growth post-merger.