PhysicsWallah's Valuation Skyrockets to $2.8 Billion Amid New Funding

• PhysicsWallah is set to raise $150 million led by Hornbill Orchid, valuing the firm at $2.8 billion.
• This marks a 2.5x increase from its last valuation in 2022 when it raised $102 million at $1.1 billion.
• Hornbill Orchid will contribute $70-80 million, with Lightspeed Venture Partners also participating.
• Despite a 91% drop in profits in FY23, the company aims to hit Rs 2,400 crore in revenue for FY24.
• The ed-tech sector faces challenges, including funding slowdowns and corporate governance issues.

Source: The Arc