Why Lightspeed backed Physics Wallah

Shreyam and I met Alakh and Prateek of Physics Wallah at their NOIDA office in 2023. Their down-to-earth nature and connection with their student community was and is palpable. They are truly their students’ advocates.?

Based on years of posting Youtube videos and this intense focus on students, Alakh and team have built the PW community into 45 million+ subscribers on 100+ channels, growing 100% annually, a massive advantage in the market.?

Alakh still meticulously reads every YouTube comment, actively engaging with students and addressing their concerns through product and content improvements. Prateek is focussed on business and strategy, among other areas.

So, what have they done with this firehose of learners? On the demand side, with pricing as low as $50/year, this is an affordability breakthrough for mass-market India. Traditional coaching institutes and edtechs often cater to the top 5-10% of earners, making their services inaccessible to many aspiring students.

On the supply side, the company’s focus on empowering educators, rather than relying solely on “star teachers,” has contributed to its strong brand. Its robust student NPS makes it one of the strongest education brands in India.

Not only has PW successfully grown its online offering to be the leading brand in that market, it has also rapidly expanded its offline presence with 150+ centres in 105+ cities, offering both tech-enabled schools and skill centres to cater to a wider range of learners and upskillers. The company has also acquired three other learning companies to strengthen its position in the market.

What’s the size of the prize? India has a unique but intense competitive exam landscape. Over 50 million students prepare for more than 300 types of exams annually. The pressure to succeed is immense, spanning diverse fields such as engineering, medicine, government services and railways, among others.? We believe that the market that PW operates in is about $15 billion per year and could grow to $30B+ in the next 4-5 years.?

As PW continues to grow and expand its reach, here at Lightspeed, we are excited to partner with Alakh, Prateek, Abhishek and team in making a lasting impact on the lives of countless students across India and perhaps the world. In investing from our global growth funds, we are also excited to collaborate with Hornbill, along with continued support from existing investors GSV and Westbridge.

~ The Lightspeed team