PhysicsWallah (PW), an edtech unicorn, has appointed Ajinkya Jain as its new Group General Counsel, Company Secretary, and Compliance Officer. This move comes as the Noida-based company prepares for its initial public offering (IPO). Jain’s extensive experience managing IPOs and mergers and acquisitions (M&A) will help PW maintain strong corporate governance and legal compliance.
Jain’s extensive experience in legal and corporate governance
Before joining PW, Jain led the IPO of Unicommerce eSolutions Limited in August 2024. He also held senior roles at Unicommerce, including key managerial positions, and worked as the associate director of legal and company secretary at AceVector Limited (formerly Snapdeal). Additionally, Jain has worked with companies like Games24x7, PharmEasy, and Future Generali India Insurance Company Limited.
Alakh Pandey stated that Jain’s legal and corporate governance expertise will be crucial as the company looks to expand and innovate in the education sector.
PW’s financial growth amidst expanding losses
In November, PW appointed Amit Sachdeva, former CFO of Blinkit, as its new Chief Financial Officer following the company’s FY 2023-24 financial results. PW reported a significant increase in losses for FY24, mainly due to higher employee costs and other expenditures. Despite this, the company saw its operating revenue grow more than twofold.
PhysicsWallah has been expanding rapidly in recent years, moving beyond its original focus on test preparation and providing education and skills training. In FY24, the company reported a loss of Rs 1,131.3 crore, a steep increase from Rs 84.1 crore in the previous year. Despite this, PW had been profitable until FY22 and had been steadily growing its revenue.
Raising Funds for future expansion
In September, PW raised $210 million in a Series B funding round led by Hornbill Capital, with significant contributions from Lightspeed Venture Partners. This funding helped boost PW’s valuation to $2.8 billion, making it the third-highest valued edtech company, behind Unacademy ($3.4 billion) and Eruditus ($3.2 billion).
