Edtech company Physics Wallah (PW) has raised a whopping $210 million in its latest Series B funding round. This investment was led by Hornbill Capital, with participation from well-known investors like Lightspeed Venture Partners, GSV, and WestBridge.

With this fresh round of funding, Physics Wallah’s post-money valuation has skyrocketed to $2.8 billion, more than double its previous valuation of $1.1 billion from its Series A round. During that earlier round, the company had raised $100 million.

The company has big plans for this new funding. According to a press release, Physics Wallah will use the money to scale operations and strengthen its presence in the education market. This includes expanding into the K-12 segment, improving their content offerings, and exploring mergers with other education platforms that focus on building communities. They also plan to expand inorganically through possible acquisitions.

Physics Wallah’s founder and CEO, Alakh Pandey, expressed excitement about the funding, saying, “This investment validates our efforts to democratize education and make quality learning accessible to every student in India. It’s a testament to the impact we’ve made over the years.”

Growth and Offerings

Physics Wallah, founded in 2020 by Alakh Pandey and Prateek Maheshwari, has grown rapidly in the edtech space. The company offers online and offline courses as well as study materials for competitive exams like JEE, NEET, and various state board exams. It has also ventured into areas like skilling, higher education, and study abroad programs.

One of its key offerings is the Institute of Innovation (IOI), which provides 4-year residential programs designed to make students job-ready.

Origins as a YouTube Channel

Physics Wallah started in 2014 as a simple YouTube channel offering free educational content. Since then, it has grown into a massive platform, with over 46 million students across 112 YouTube channels. These channels are available in five regional languages, making education more accessible to students in various parts of India.

The company’s app has been downloaded more than 30 million times, and it boasts 5.5 million paid students.

Financial Performance

In terms of revenue, Physics Wallah has seen impressive growth. In FY23, its revenue jumped 3.3 times to ₹779 crore. However, despite the revenue growth, the company’s profit took a hit, dropping by more than 90% to ₹8.87 crore.

While Physics Wallah hasn’t released its financial results for FY24 yet, the company is confident that it will reach ₹2,000 crore in revenue for the fiscal year.

Edtech Funding Trends

Physics Wallah’s funding round comes at a time when investment in the edtech sector has slowed down. According to data from TheKredible, edtech startups in India raised only $160 million across 27 deals in 2024 so far. This is a significant drop compared to previous years: in 2023, the sector raised $456 million, while in 2022 it secured $2.3 billion, and in 2021, a massive $5.8 billion was invested in edtech companies.

In the midst of this slowdown, Physics Wallah’s ability to raise $210 million shows that it continues to be a strong player in the Indian edtech market.

*Aye Finance, a platform that provides loans to small businesses, has raised *₹250 crore ($30 million)* in a *Series G funding round. This round was led by *ABC Impact, a Singapore-based investment firm. *British International Investment (BII), the UK’s development finance institution, also participated in this round. BII had previously led Aye’s Series F round in *December 2023, raising *₹310 crore ($37 million)*. Earlier, in June 2024, Aye Finance also raised *$30 million through debt.

This new investment comes from *ABC Impact’s Fund II, which now manages over *$850 million** in assets. However, the deal will be completed once certain conditions are met. With this latest round of funding, Aye Finance’s total equity raised so far is ₹1,250 crore ($150 million).

Helping Small Businesses Across India

Aye Finance has a broad reach across India, with more than 398 branches in *22 states. The company primarily offers financial services to *micro and *small businesses, including those in **manufacturing, **trading, and *service industries. These businesses often face challenges in getting loans from traditional banks.

Aye Finance provides three main loan products:

1. Quasi-mortgage loans
2. Hypothetical loans
3. Add-on loans

These loans range in value from *₹50,000 to ₹10,00,000, offering small businesses the financial support they need to grow. To date, Aye Finance has disbursed loans worth over *₹7,600 crore ($915 million)* to more than **5,76,000 businesses. Impressively, around *60% of these businesses return for more loans, showing the trust and satisfaction among its customers.

Strong Financial Growth

Aye Finance has experienced significant financial growth over the past year. For the fiscal year 2023 (*FY23), the company’s revenue from operations grew by **44.5%, reaching *₹623 crore*, with a profit of *₹54 crore*. In the following year (FY24), the company reported a profit of *₹161 crore*, which is *three times more than the previous year. Its revenue also increased by *67%, reaching *₹1,072 crore**.

At the end of *FY24, Aye Finance had *₹4,500 crore** in *assets under management (AUM), and its *gross non-performing assets (NPA) stood at 1.21%. This low NPA rate indicates that the company’s loan recovery process is strong, and only a small percentage of loans are at risk of default.

Competing in the NBFC Space

Aye Finance operates in a competitive market. It faces competition from other non-banking financial companies (NBFCs) such as:

• Indifi
• Axio (formerly Capital Float)
• Lendingkart
• Flexiloans

Despite the competition, Aye Finance’s steady growth and strong financial performance position it well in the market. With the new funding, Aye plans to continue expanding its reach and offering more loans to small businesses across India. The support from investors like ABC Impact and British International Investment shows confidence in Aye Finance’s ability to deliver impactful financial solutions.

GrayQuest, a Mumbai-based fintech startup focused on education loans, is raising ₹53 crore ($6 million) in a Series B funding round. The round is co-led by Pravega Fund and IIFL Fintech Fund, both investing ₹21.5 crore each. Additionally, GrayQuest’s founder, Rishab Sumer Mehta, is contributing ₹10.56 crore worth of shares. Some of the shares allotted to Mehta are partly paid, meaning the remaining payment will be made when the board decides.

Where Will the Money Go?

GrayQuest plans to use the new funds to meet its financial needs and expand its operations. The company’s filings show that they are focusing on growing their business and improving their services.

GrayQuest has also increased its employee stock option pool (ESOP) by adding 1,204 new options, bringing the total to 5,718 options. The ESOP pool is currently valued at $4.5 million. This helps the company reward and retain employees by offering them stock options.

GrayQuest’s Growth and Value

The startup has grown steadily since it was founded seven years ago. GrayQuest is an integrated fee collection platform for schools and other educational institutions. It allows parents to pay school fees in flexible monthly installments with no interest, making it easier for families to manage their education expenses.

GrayQuest had previously raised $7 million in a Series A round in March last year and $1.2 million in a pre-Series A round in August 2020. After this latest round, the company is valued at around ₹530 crore ($64 million), according to TheKredible, a startup data platform.

The Series B round is still ongoing, meaning GrayQuest could raise more money, which might lead to changes in its valuation. Once the funding is complete, Pravega Ventures will own 10.94% of the company, and IIFL Fintech Fund will hold 4.07%. Founder Rishab Sumer Mehta will retain a 38.59% stake.

GrayQuest’s Recent Achievements

GrayQuest was recently selected for the Co-Lab initiative, which was launched by HDFC Bank in partnership with Pravega Ventures. This initiative aims to support startups like GrayQuest by giving them the tools and resources they need to grow.

For the fiscal year ending March 2023, GrayQuest reported ₹8.76 crore in operating revenue but also experienced a ₹26.3 crore loss. The company has yet to release its results for the current fiscal year (FY24).

Competition in the Education Loan Space

GrayQuest operates in a competitive market. According to TheKredible, GrayQuest and its competitors, such as Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively raised around $500 million in funding over the past two years.

In July, Leap was reported to be in talks to raise new funds at a unicorn valuation, showing the growth potential in the education loan market.

GrayQuest’s recent funding will help it continue expanding and competing in this growing space.

Bookmybai, a platform that connects families with domestic help, has raised Rs 2 crore in a pre-Series A funding round. The round was led by Inflection Point Ventures, a well-known investment group. This new funding will help Bookmybai grow its services and reach more locations, making it easier for families to find reliable help.

Expanding Services

The money raised will be used to expand the company’s services to new cities and areas. Bookmybai aims to add 50,000 new housemaids to its already large network. This will make the process faster and more efficient for families looking for long-term, trustworthy help. With a bigger network, Bookmybai hopes to serve even more homes across India and other countries.

About Bookmybai

Founded in 2016 by Anupam Singhal, Bookmybai is based in Mumbai. It helps families in cities like Mumbai, Pune, Bangalore, Hyderabad, and even countries like the UK, USA, Singapore, China, and Australia. Families can use the platform to find dependable, permanent household staff for their homes. This includes housemaids and other domestic helpers.

Bookmybai works like a bridge between families and housemaids. It makes finding help easier by using technology to connect families with pre-screened and trustworthy candidates. By providing this service, Bookmybai simplifies the whole process for people who need help managing their homes.

A Growing Network

One of the key strengths of Bookmybai is its large network of registered housemaids. The company claims to have over 200,000 housemaids already signed up on its platform. This gives families a wide range of options when choosing someone to help with their household needs.

By growing this network even more, Bookmybai can offer better and faster services. The company’s goal is to make sure that families have access to reliable and skilled domestic helpers, whether they live in India or abroad.

Future Plans

With the new funding, Bookmybai is focused on increasing its reach and improving the quality of its services. The company plans to expand into new locations and strengthen its current operations. By doing so, it hopes to become the go-to platform for families looking to hire domestic help.

In addition to expanding its network of housemaids, Bookmybai aims to improve its technology and make the process of hiring even smoother for families. This includes better ways to match families with the right housemaids, ensuring a good fit for both parties.

Conclusion

Bookmybai’s recent funding is a big step toward becoming a leading platform for domestic help services. By expanding its network and reaching more locations, the company hopes to provide even better service to families in India and around the world. With Rs 2 crore in new funding, Bookmybai is well-positioned to continue growing and helping more families find reliable and trustworthy household staff.

Everest Fleet, a mobility startup based in Mumbai, has raised Rs 251.7 crore (approximately $30 million) in its Series C funding round. This investment was led by global ride-hailing giant Uber, marking Uber’s second investment in the company. Everest Fleet operates a fleet of cabs, primarily for Uber in India.

Details of the Funding Round

According to a regulatory filing accessed from the Registrar of Companies (RoC), Everest Fleet raised the funds by issuing 13,726 Series C preference shares. After this round of funding, the company has been valued at around $425 million, according to TheKredible, a startup data intelligence platform.

The fresh capital will be used for general operations, working capital requirements, capital expenditure, and to expand business operations, according to the company.

Uber’s Growing Stake

With this investment, Uber has become the largest external shareholder in Everest Fleet, now holding an 11.37% stake in the company. The company’s founder, Siddharth Anand Ladsariya, remains the majority stakeholder, owning 52% of the company. Additionally, Everest Fleet has an Employee Stock Option Pool (ESOP) that accounts for 4.76% of the company.

Future Investments and Growth Plans

In August, the International Finance Corporation (IFC) announced a plan to invest $20 million in Everest Fleet. If this deal goes through, the total amount raised in the Series C round would reach $50 million. This additional funding would further boost the company’s growth and allow it to expand its fleet and operations.

Founded in 2016, Everest Fleet operates in the shared mobility space in India and is a key partner for both Uber and Ola. The company claims to be Uber’s largest professionally managed fleet supplier in India. Everest Fleet has been growing rapidly and aims to continue its strong partnership with ride-hailing platforms.

Previous Funding and Expansion

This isn’t the first time Uber has invested in Everest Fleet. In June 2022, Uber led a $20 million funding round for the company, which provided a partial exit to its early backer, Artha Venture. Earlier in 2024, Everest Fleet secured Rs 100 crore ($12 million) in debt from Axis Bank to help it purchase electric vehicles (EVs). The company is focusing on expanding its EV fleet to reduce costs and meet growing demand for sustainable transportation options.

Financial Performance

Everest Fleet has seen strong growth in recent years. For the fiscal year ending in March 2024 (FY24), the company’s revenue surged 2.2 times to reach Rs 1,015-1,020 crore, up from Rs 466 crore in FY23. In FY23, Everest Fleet reported a profit of Rs 41 crore, demonstrating its ability to grow while maintaining profitability. The company has not yet reported its profits for FY24, but the substantial increase in revenue suggests continued growth.

Conclusion

With Uber’s backing and additional potential funding from IFC, Everest Fleet is well-positioned to continue its rapid expansion in the shared mobility space. The company’s focus on electric vehicles and its strong partnership with Uber make it a significant player in India’s growing ride-hailing market.

M2P Fintech, a company that provides API infrastructure for businesses to offer their own branded financial services, has raised Rs 417.5 crore ($50 million). This funding comes from a new investor, Taj Investment Holdings. M2P Fintech, formerly known as Yap, helps companies create financial services while making sure they follow regulatory rules. The company operates in countries like Nepal, the UAE, Australia, New Zealand, the Philippines, Bahrain, and Egypt.

Recent Growth and Acquisitions

M2P is backed by Tiger Global and has made six acquisitions so far, including companies like Goals101, Syntizen, and BSG ITSOFT. These acquisitions have helped M2P grow its presence in the fintech industry.

In the financial year FY23, M2P’s operating revenue more than doubled, growing 2.26 times to reach Rs 440.7 crore, up from Rs 194.74 crore in the previous year, FY22. However, the company’s losses also grew by 3.35 times, amounting to Rs 134.26 crore in FY23. M2P has not yet released its financial results for FY24.

New Funding and Future Plans

To raise the Rs 417.5 crore, M2P’s board passed a resolution to offer Series D preference shares, as noted in regulatory filings. The company plans to use the funds for expansion and to support its working capital needs. M2P Fintech’s valuation has now reached about $800 million after this funding round.

Interestingly, Taj Investment Holdings has not previously invested in any Indian startup before this. There is limited information available about this fund, and M2P Fintech has been contacted for further comments.

Employee Stock Options (ESOP) Increase

Along with the new funding, M2P has also expanded its Employee Stock Option Pool (ESOP). The company added 38,700 new stock options, bringing the total number of stock options to 1,29,140. This gives employees more opportunities to own a share of the company.

Previous Investors and Ownership

Before this funding round, Beenext was the largest external investor in M2P, holding 10.23% of the company. Tiger Global owned 9.22%, and Insight Partners had 6.44%. The company’s three co-founders—Muthukumar Ayyakannu, Prabhu Rangarajan, and Madhusudanan R—collectively own 34.03% of the company.

Future Funding Plans

M2P Fintech was also reportedly in talks for a larger funding round, aiming to raise $80 million. Out of this, $30 million was expected to come from secondary sales. This means that some existing shareholders might sell their shares as part of the funding deal.

In conclusion, M2P Fintech is rapidly growing, with increased revenue and several successful acquisitions. The new funds will help the company expand further, although it still faces challenges with rising losses. With a strong lineup of investors and big plans for the future, M2P is set to become a significant player in the fintech industry.

Vahan.ai Raises $10 Million to Grow Its AI-Powered Recruitment

Vahan.ai, a company that helps people find blue-collar jobs, has just raised $10 million in its Series B funding. This round of funding was led by Khosla Ventures, with participation from Y Combinator, US-based venture capital firm Gaingels, and Vijay Shekhar Sharma, the founder of Paytm.

A Quick Look at Vahan.ai

Vahan.ai is a startup based in Bengaluru, India. It was started in 2016 by Madhav Krishna with the goal of making it easier for companies to find workers for blue-collar jobs, like delivery drivers, warehouse workers, and factory staff. The company uses artificial intelligence (AI) to help match job seekers with employers.

Past Funding and Support

This isn’t the first time Vahan has raised money. Back in September 2021, the company raised $8 million in a Series A round, also led by Khosla Ventures. In addition, Vahan is part of Airtel’s Startup Accelerator Program, which helps promising startups grow. Airtel, one of India’s biggest telecom companies, bought an 8.82% stake in Vahan back in October 2019.

What Will the New Funds Be Used For?

The $10 million raised in this new round will be used to make Vahan’s AI technology even better. Right now, Vahan’s AI recruitment tool can conduct interviews in both English and Hindi, but the company wants to expand its language capabilities. It plans to add support for eight major Indian languages. This will make the platform more accessible to a wider range of job seekers across the country.

Vahan also has plans to move into new industries. So far, the company has mainly focused on industries like food delivery and logistics, working with companies like Zomato, Swiggy, Flipkart, Blinkit, and Uber. Now, Vahan wants to expand into sectors like manufacturing and retail.

Vahan’s Success So Far

Since its launch, Vahan has helped recruit over 500,000 workers across more than 480 cities in India. With over 25,000 people recruited every month, the company has made it easier and faster for companies to find workers, cutting down on recruitment costs and the time it takes to fill positions.

Financial Performance

For the fiscal year ending in March 2023, Vahan reported operating revenue of Rs 29.7 crore (around $3.6 million). However, the company also reported a loss of Rs 17.71 crore (around $2.1 million). Despite these losses, Vahan is optimistic about the future. The company expects to double its revenue in the next fiscal year (FY24) and continue growing in the years to come.

Competition in the Blue-Collar Job Market

Vahan operates in a competitive market. Early on, it faced competition from companies like Baba Jobs and Aasaan Jobs, but both of these competitors struggled to grow and eventually merged with Quikr and OLX in 2017 and 2019, respectively. Today, Vahan’s biggest competitor is Apna, another job recruitment platform focused on blue-collar workers. Apna, which is backed by Tiger Global, became a unicorn (a startup valued at over $1 billion) in 2021 after the pandemic boosted demand for its services.

Looking Forward

With its latest round of funding, Vahan.ai is well-positioned to continue growing and improving its services. The company’s focus on AI-powered recruitment and its plans to expand into new industries and languages could help it maintain a competitive edge in the blue-collar job market.

As Vahan continues to grow, it hopes to make job recruitment easier, faster, and more efficient for both employers and job seekers.

Gaming firm Nazara Technologies is raising Rs 900 crore (approximately $108 million) in a new funding round led by SBI Mutual Fund. The round also saw participation from Juno Moneta Finsol, Think India Opportunities Fund, Discovery Global, and other prominent investors.

Funding Round Details

Nazara’s board has approved a resolution to issue 94,31,294 equity shares at an issue price of Rs 954.27 per share. This move will raise Rs 900 crore ($108 million) for the company. The information was disclosed in a filing with the National Stock Exchange (NSE).

The funding round was led by SBI Mutual Fund, which contributed Rs 220 crore to the total. Other major investors include Juno Moneta Finsol and Think India Opportunities Fund, both of which contributed Rs 150 crore each. Notably, Caratlane co-founders Siddharth and Mithun Sacheti also participated, investing Rs 155 crore. Additional funds came from Discovery Global, Cohesion MK, Chartered Finance, Ratnabali Investment, Meenakshi Mercantiles, and Aamara Capital.

The issuance of shares is pending shareholder approval, with a meeting scheduled for October 12 to finalize the preferential allotment.

Strategic Expansion: Nazara Increases Stake in Sportskeeda

In addition to the funding round, Nazara Technologies has made a significant strategic move by increasing its stake in Absolute Sports, the parent company of Sportskeeda. The company has acquired an additional 19.35% stake for Rs 145.47 crore. Out of this, Rs 72.73 crore will be paid in cash, and the remaining amount will be settled through a share swap of Nazara’s equity.

With this acquisition, Nazara now holds a 91.03% stake in Absolute Sports, further solidifying its control over Sportskeeda, a leading sports media platform. This acquisition is a part of Nazara’s broader strategy to strengthen its presence in the sports content and gaming sector.

Over the past few months, Absolute Sports has been expanding its portfolio by acquiring assets such as SoapCentral.com and DeltiasGaming, which enhances its position in the sports and gaming media industry.

Nazara’s Market Performance

The funding round and strategic acquisition have boosted investor confidence in Nazara. The company’s stock reached its 52-week high at Rs 1,098 today and ended the trading day at Rs 1,095. This surge in stock price highlights Nazara’s strong market position and growth prospects.

As of September 18, Nazara Technologies’ market capitalization stands at Rs 8,381 crore, according to estimates by Entrackr. The company’s continued growth in both gaming and sports media, along with the fresh influx of capital, positions Nazara as a leading player in India’s gaming ecosystem.

Conclusion

Nazara Technologies’ successful Rs 900 crore ($108 million) funding round, led by SBI Mutual Fund, underscores its strong standing in the gaming industry. Alongside this, its increased stake in Sportskeeda’s parent company, Absolute Sports, further strengthens its foothold in the sports content market. With a robust investor lineup and strategic acquisitions, Nazara is poised for continued growth and expansion in the competitive world of gaming and sports media.