The education technology company, Physics Wallah (PW), has raised $210 million at the close of Series B funding round, the company said on Friday.

It declared that FY25 would mark the largest absolute profitability for the group.

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With this investment, the company’s post-money valuation rose to $2.8 billion, more than two-fold increase over its last valuation of $1.1 billion.

The funding round was led by Hornbill Capital, participation from Lightspeed Venture Partners and existing investors GSV and WestBridge.

The PW said that the funding round shows investors’ confidence in edtech and the company. “This investment is not just a validation of our efforts to democratise education and make quality education accessible to every student in India but also a testament to the impact we have created over the years,” said Alakh Pandey, founder and chief executive officer of PW.

Co-founder of the PW Prateek Maheshwari said the funding would enable the company to improve its reach and technology. “This comes on the back of strong sustainable year-on-year growth. In fact, FY25 is going to be the year of the largest absolute profitability for the PW Group. There are no good or bad markets, only good or bad stories – and ours is a great impact story,” he added.

Manoj Thakur, Dubai-based founder of Hornbill Capital, said Physics Wallah combines vision, execution and has a thriving “3C model”: Content, community and commerce. “We are excited to see PW’s use of AI (artificial intelligence) not only to help improve students’ outcomes but also their emotional well-being,” he added.

While the company has yet to disclose FY24 numbers, Physics Wallah’s revenue grew more than threefold to Rs 779 crore in FY23. However, the firm’s profit declined more than 90 per cent to Rs 8.87 crore in FY23, according to Entrackr.

The Physics Wallah produces 9,500 hours of educational content every week with a student base across 18,808 pin codes, accounting for almost 98% of pin codes in India, the Edtech claimed.

This funding will bolster its already significant cash reserves to support future growth plans, it added.