Exclusive: PhysicsWallah–Drishti IAS acquisition deal called off

The highly anticipated acquisition of Drishti IAS by edtech unicorn PhysicsWallah has been called off, according to two sources. The deal was in advanced stages but did not materialize due to multiple reasons.

In April 2025, Entrackr exclusively reported that PhysicsWallah was evaluating acquisitions to strengthen its presence in the Union Public Service Commission (UPSC) test preparation segment. The deal was estimated at Rs 2,500-Rs 3,000 crore.

Drishti IAS, along with other institutes like Chaitanya Academy, Rau's IAS Study Circle, and Sarrthi IAS were among the assets being considered for potential acquisition.

“Drishti IAS considered the proposal after being approached by PhysicsWallah, but given its strong revenue and profitability, the company has decided to continue operating independently and is not looking to raise external funding and acquisition," said one of the sources requesting anonymity.

Drishti IAS, founded in 1999, has established itself as a leading player in civil services preparation, particularly for Hindi-medium students. The Delhi-based institute reported a revenue of Rs 405 crore and a profit after tax of Rs 90 crore in FY24.

Sources added that Drishti is expected to close FY25 with a decent growth in revenue as well as profit.

PhysicsWallah, known for its affordable online coaching, has been expanding its offerings beyond engineering and medical entrance exams into the competitive UPSC coaching space. The potential acquisition of Drishti IAS was seen as a strategic move to bolster its offline presence and diversify its portfolio ahead of its planned IPO.

Confirming the development to Entrackr, Drishti IAS's CEO Vivek Tiwari said, “At Drishti IAS, our decisions are always based on a very long term vision. Though we explored various funding options during last year, including IPO and discussions with few strategic investors including PhysicsWallah, we have decided to continue independently for now. We hope we'll keep doing better on our own and if required, we'll explore other options as per circumstances in the future."

PhysicsWallah declined to comment on the story.

Media reports suggest that PhysicsWallah filed draft papers via confidential route in March to raise Rs 4,600 crore through an initial public offering (IPO). If successful, it will become the first edtech unicorn to be listed on the stock exchange.