Edtech unicorn PhysicsWallah is ramping up its acquisition game, with the Noida-based firm in final-stage discussions to acquire Sarrthi IAS, a mentorship-driven UPSC preparation platform, sources told Entrackr. This move aligns with PhysicsWallah’s broader push into the civil services exam segment, a domain it has identified as its next major growth frontier.
“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,” a source familiar with the developments said. Talks between PhysicsWallah and Sarrthi IAS have reportedly been ongoing for weeks, with the deal now close to finalization.
Founded by Varun Jain and Shivin Chaudhry, Delhi-based Sarrthi IAS is known for its mentor-led model catering to UPSC aspirants. The platform offers a suite of services including GS Foundation, Prelims and Mains modules, and interview preparation.
If finalized, the deal is expected to be valued between Rs 120–130 crore, with Sarrthi reportedly closing FY25 with Rs 35 crore in revenue and Rs 20 crore in profit. The terms of the acquisition may still change, sources caution.
PhysicsWallah is simultaneously engaged in advanced talks to acquire Drishti IAS, a larger and more established player in the UPSC coaching space, in a deal estimated to be worth Rs 2,500–3,000 crore, according to an earlier report by The Economic Times. The Alakh Pandey-led firm has also initiated acquisition discussions with other names in the UPSC segment, including Chaitanya Academy and Rau’s IAS Study Circle.
Despite the buzz, Sarrthi IAS co-founder Varun Jain denied the accuracy of these claims, stating that no such discussions are ongoing. PhysicsWallah declined to comment.
The acquisition streak marks a renewed wave of consolidation for PhysicsWallah after nearly two years. The last major acquisition came in June 2023, when it took a controlling stake in Kerala-based Xylem Learning. Other acquisitions in its portfolio include iNeuron, Altis Vortex, PrepOnline, FreeCo, and UAE-based Knowledge Planet — although none have witnessed major traction post-merger.
Meanwhile, PhysicsWallah is also preparing for its initial public offering (IPO). The company recently appointed three independent directors to its board and is reportedly targeting a $500 million raise at a $5 billion valuation. As of FY24, the firm is valued at $2.8 billion, backed by WestBridge Capital, and clocked Rs 1,940.4 crore in revenue.
With its sights set on India’s massive UPSC test-prep market and public markets on the horizon, PhysicsWallah’s strategic acquisitions could define the next chapter of its growth story — if they materialize
