The edtech company Physics Wallah has reportedly posted a spurt in losses at Rs 375 crore for the last fiscal year FY24, versus Rs 84 crore in FY23-a sharp rise of 346 percent.
This is a way up at 13 times the FY24 losses, considering Rs 756 crore of the compulsory convertible preference shares (CCPS) written off as a fair value loss. In isolation, this leaves the FY24 net loss at Rs 375 crore, based on financial statements filed with the Registrar of Companies.
Whereas Physics Wallah's operational revenue increased manifold to reach Rs 1,940.4 crore in FY24 from Rs 744.3 crore in FY23, growing 2.6 times. At Rs 1,159 crore, the overall expenses account comprised employee benefits, which consumed 35.3 percent and leaped 181 percent from Rs 412.6 crore in FY23. For the fiscal, the operating cash flows were positive at Rs 211.85 crore.
The revenue was at Rs 744.3 crore and reported a net loss of Rs 84 crore for FY23.
Physics Wallah has raised $210 million in Series B investment led by Hornbill Capital. Also, Lightspeed Venture Partners and existing investors GSV and WestBridge participated in this round of financing, which has proved that the company's valuation is up to $2.8 billion.
Physics Wallah (PW) generates 9,500 hours of edutainment content every week to reach out to 18,808 pin codes, almost the entire nation of 98 percent.
"In FY25, the PW Group is going to see the absolute biggest profitability year ever," says Maheshwari.
Launched in 2020, Physics Wallah now reaches more than 4.6 crore students through 112 channels on YouTube in five regional languages.
Read also| SAIL Reports Rs 834 Crore Net Profit for July-September Quarter
Read also| Mahindra Reports 13% Rise in Q2 Net Profit Driven by Strong SUV and Tractor Sales
