Edtech unicorn PhysicsWallah has acquired two new firms—online learning platform PrepOnline and publishing house Altis Vortex. Both the companies will now function as subsidiaries of the unicorn platform. PhysicsWallah has not disclosed the price of the acquisitions till now, The Economic Times reported.
PhysicsWallah was launched in 2020 by Alakh Pandey and Prateek Maheswari. In June 2022, it raised $100 million from Westbridge and GSV Ventures in its maiden funding round. This catapulted the two-year old start-up into the unicorn club.
“We partnered with PrepOnline six months into our inception and both brands grew together. Fundamentally, we were looking at unique forms of content creation (for test preparation), especially in the NEET segment,” Maheswari told The Economic Times.
He also added that the company looked at these acquistions to strengthen its content arm. "We aspire to become the most affordable online bookstore for the test preparation audience. We will also look to launch our public consumer store post Diwali,” Maheshwari added.
Vivek Gaur and Manish Kumar founded PrepOnline and Alex Vortix.
PrepOnline provides training to the National Eligibility Entrance Test (NEET) aspirants, while Altis Vortex produces books related to exam preparation. With this deal, PhysicsWallah can target NEET aspirants and fortify its position in this segment.
It can also come up with new online content in the test preparation categories, in addition to augmenting its footprint in several areas. The firm has been bullish on the acquisition route to strengthen its presence. In August 2022, it made its first acquistion, by taking over Jaipur-based FreeCo, a doubt-solving and resource management company.