New Delhi— The anticipated acquisition of UPSC coaching institute Drishti IAS by edtech unicorn PhysicsWallah has reportedly been called off, according to a report by Entrackr.
Though the deal had progressed to advanced stages, it ultimately collapsed due to several undisclosed factors. Earlier this year, PhysicsWallah was said to be actively pursuing acquisitions to strengthen its presence in the civil services exam preparation market.
The proposed deal was valued between ₹2,500 and ₹3,000 crore and was considered a strategic move to expand PhysicsWallah’s reach in the UPSC coaching space, particularly among Hindi-medium students where Drishti IAS holds a strong reputation.
Founded in 1999, Drishti IAS has established itself as a key player in the civil services preparation sector. Sources cited in the report said the company reviewed PhysicsWallah’s offer but chose not to proceed, citing its strong financial standing and continued independent growth.
For FY 2023–24, the Delhi-based institute reported revenue of ₹405 crore and a post-tax profit of ₹90 crore. It is also expected to post solid growth in FY25 and is currently not seeking external funding or acquisition.
PhysicsWallah, which made its name in online coaching for engineering and medical entrance exams, has recently been diversifying into competitive exams like the UPSC. Acquiring Drishti IAS would have helped bolster its offline presence and expand its offerings, especially ahead of its anticipated stock market debut.
In March 2025, PhysicsWallah reportedly filed its draft IPO papers confidentially, with plans to raise around ₹4,600 crore. If successful, it would become India’s first edtech unicorn to go public.
As of now, neither PhysicsWallah nor Drishti IAS has issued an official statement regarding the reported breakdown of the deal. (Source: IANS)
