Acquisition · Education & Skilling

PhysicsWallah buys additional 11% stake in Sarrthi IAS

By Startup Enthusiast · 16 July 2026

What they do

PhysicsWallah provides live courses and study material for competitive exams like JEE and NEET

It purchased 1,100 equity shares for ₹71.81 crore, raising its stake from 40% to 51%

The acquisition makes Sarrthi IAS a subsidiary and strengthens PhysicsWallah's UPSC coaching business

PhysicsWallah approved the purchase of an additional 11% stake in Sarrthi IAS for ₹71.81 crore.
The purchase price covers 1,100 equity shares of Sarrthi IAS.
PhysicsWallah's stake in Sarrthi IAS increases from 40% to 51%.
Sarrthi IAS becomes a subsidiary of PhysicsWallah after this transaction.
The board approved an addendum to the share purchase agreement revising the valuation methodology for the second tranche only.
The remaining purchase terms, based on an EBITDA-based valuation mechanism, remain unchanged.
The wider deal was agreed in September 2025 with Sarrthi IAS and its promoters.
PhysicsWallah can acquire up to 85% of Sarrthi IAS in six tranches between FY2025-26 and FY2030-31.

The acquisition strengthens PhysicsWallah's presence in the UPSC and civil services exam preparation segment.
Sarrthi IAS has shown rapid revenue growth from ₹1.04 crore in FY2023-24 to ₹76.52 crore in FY2025-26.
The deal is not a related-party transaction, and promoters have no interest in Sarrthi IAS.
The transaction is at arm's length and supported by an independent valuation report.

PhysicsWallah offers live courses for JEE, NEET, Class 6-12, and NCERT solutions.
It covers competitive exams like IIT JEE, NEET, ESE, GATE, AE/JE, Olympiad, IAS, UPSC, and State PSC.
It also provides courses for school boards, government exams, UG/PG entrance, finance, skills, and study abroad.
PhysicsWallah has 100+ offline centres and is available in 175+ cities.
It offers 10 million+ tests, mock tests, video lectures, and practice papers.
Sarrthi IAS provides online and classroom coaching for UPSC and other competitive exams.
Sarrthi IAS was incorporated in June 2023.

PhysicsWallah can acquire up to 85% of Sarrthi IAS in six tranches by FY2030-31.
The acquisition strengthens PhysicsWallah's presence in the UPSC and civil services exam preparation segment.