The proposed acquisition of leading UPSC coaching institute Drishti IAS by EdTech platform PhysicsWallah has been called off, two sources familiar with the matter confirmed.
As per an exclusive report by media company Entrackr, the deal, reportedly valued between Rs 2,500 to Rs 3,000 crore, was at an advanced stage but ultimately fell through due to a combination of strategic and financial reasons.
Back in April 2025, Entrackr reported that PhysicsWallah (PW) was actively scouting acquisitions to bolster its footprint in the highly competitive Union Public Service Commission (UPSC) test prep segment. Drishti IAS was seen as a prime target, especially given its dominance in the Hindi-medium Civil Services preparation space.
However, it was later reported that Drishti IAS has opted to remain independent.
“Drishti IAS considered the proposal after being approached by PhysicsWallah, but given its strong revenue and profitability, the company has decided not to pursue the deal. It is not seeking external funding or acquisition at this stage,” one source told Entrackr on condition of anonymity.
Founded in 1999, Delhi-based Drishti IAS has carved out a niche as one of the most trusted names in Civil Services coaching. It reported a revenue of Rs 405 crore and a profit after tax of Rs 90 crore for FY24. Sources added that the company expects a “decent growth” in both revenue and profits in the ongoing financial year (FY25) as well.
For PhysicsWallah, which rose to prominence by offering low-cost online coaching for NEET and JEE aspirants, the acquisition was intended to accelerate its offline expansion and add heft to its UPSC segment, a key vertical in its push to diversify ahead of its planned stock market debut.
PW has been steadily moving beyond its online-first model, venturing into offline centers and tapping new exam categories. The acquisition of Drishti IAS was expected to provide immediate access to a well-established brand and a loyal student base, especially in Tier-II and Tier-III cities.
Meanwhile, speculation around PW’s IPO continues to swirl. As per media reports, the company filed draft papers confidentially in March to raise approximately Rs 4,600 crore. If cleared, PhysicsWallah will become the first EdTech unicorn in India to go public.
