Leading education content firm S Chand and Company Limited will sell its entire stake in the artificial intelligence and data sciences-focused edtech platform iNeuron Intelligence Private Limited to PhysicsWallah for Rs 14 crore.
Co-investors Mukesh Sharma Family Trust would also be exiting iNeuron, S Chand has said in a filing to the stock exchanges.
PhysicsWallah has been on an acquiring spree after it raised $100 million in a funding round in June 2022 at a unicorn valuation. The startup has since acquired at least four companies.
The acquisitions come at a time when edtech companies, including some of the biggest and most valued, have seen demand moderate after the reopening of schools, colleges and physical tuition centres.
With a return of over 2x on the original investment of approximately Rs 7 crore in December 2021, this is the second recent exit for S Chand and Company from its various edtech investments on the back of the recently concluded exit in Testbook with around 8x return on investment in July 2022, the company said.
Also Read: PhysicsWallah forays into publishing, govt job prep segments with 2 new buys
S Chand, along with wholly-owned subsidiaries Vikas Publishing and Chhaya Prakashani, acquired a minority stake in iNeuron Intelligence in December 2021 in two tranches.
It completed the second tranche of investment in September 2022. Both companies have agreed to collaborate and work together on university collaborations.
PhysicsWallah was founded as a bootstrapped company in mid-2020 by Alakh Pandey and Prateek Maheshwari.
Before PhysicsWallah, Pandey used to run a YouTube channel by the same name that has close to seven million subscribers and over 1.2 billion views.
The company recently forayed into offline coaching space by opening an institute in Kota, the country’s coaching capital.
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