PhysicsWallah's acquisition talks with Drishti IAS falls through; Drishti to continue as an independent company
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The proposed acquisition of the UPSC test preparation platform Drishti IAS by edtech unicorn PhysicsWallah has fallen through, say industry sources.The two companies had been in discussions over a potential strategic investment and acquisition for several months, but the talks have ultimately not materialised.In an official statement to Economic Times Digital, Vivek Tiwari, CEO of Drishti IAS, said, "At Drishti IAS, our decisions are always based on a very long-term vision. Though we explored various funding options during last year, including IPO and discussions with few strategic investors, including PhysicsWallah, we have decided to continue independently for now. We hope we'll keep doing better on our own and if required, we'll explore other options as per circumstances in the future.'The development comes at a time when India's edtech sector is seeing increased focus on consolidation, operational efficiency, and profitability amid a more cautious funding environment. Several players are re-evaluating growth strategies, with partnerships and acquisitions being explored selectively.Founded in 1999, Drishti IAS has built a strong brand in Hindi-medium UPSC preparation, offering both online and offline programmes. PhysicsWallah, which entered the unicorn club in 2022, has been expanding beyond its core NEET-JEE focus into categories such as UPSC, state exams, and professional courses.For now, Drishti IAS has opted to chart its own path forward as an independent player in the evolving education landscape.For the fiscal year 2023–24 (FY24), Drishti IAS reported a revenue of Rs 405 crore. Profit after tax (PAT) stood at Rs 90 crore, underscoring both operational efficiency and sustained demand in the civil services preparation segment. With demand for quality UPSC coaching continuing to grow, the segment remains highly competitive, with both established players and digital-first platforms vying for market share.
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