Unicorn in edtech lead by Alakh Pandey As Physics Wallah is ready to submit a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), the company has appointed three independent directors to its board.
Former PTC India chief and Adani Group advisor Deepak Amitabh, former RBI regional director Rachna Dikshit, and former Zomato deputy CFO Nitin Savara have joined the edtech behemoth.
According to PhysicsWallah, these nominations comply with the Companies Act’s standards for preserving board independence in the process of going public.
Changing the leadership and board
Pandey and co-founder Prateek Maheshwari, who is often referred to as Prateek Boob in certain documents, have been reclassified from executive directors to full-time directors by PhysicsWallah. In addition, Pandey has assumed the position of CEO.
As a significant stakeholder, Sandeep Singhal, managing partner and co-founder of WestBridge Capital India Advisors, continues to serve on the board.
PhysicsWallah became a public corporation in December, changing its name from private limited company to PhysicsWallah Limited. In a 1-to-35 ratio, it has also given bonus shares to its current owners, which means that for every share that an investor already has, they will receive 35 more shares.
Key personnel, including the CFO
Recently, Amit Sachdeva, who was previously with Blinkit, was named chief financial officer of PhysicsWallah. Additionally, it strengthened its corporate governance system by appointing Ajinkya Jain as group general counsel, company secretary, and compliance officer.
As the business prepares to go public later this year, these appointments coincide with rumors that it has hired Kotak Mahindra Capital, Goldman Sachs, Axis Capital, and JP Morgan as listing bankers.
Plans for expansion and fundraising
The Noida-based company is regarded as one of India’s most prosperous domestic edtech endeavors. It began as an online lecture platform nine years ago and has since expanded to include live and recorded sessions, exam series, study guides, and hybrid offline locations.
It raised more than $300 million and was valued at about $2.8 billion. According to media sources, at a valuation of over $5 billion, it may raise an additional $500 million in its IPO, potentially making it the most valuable edtech business in India.
Additionally, a recent $25 million pre-IPO secondary investment round headed by current investor WestBridge Capital has been reported. This could increase the company’s worth to $3.7 billion, exceeding competitors such as Unacademy and Eruditus.
