Drishti IAS Acquisition by PhysicsWallah Called Off

The cancellation of the acquisition of Drishti IAS by the edtech unicorn PhysicsWallah has been confirmed by two sources. Although the negotiations were in advanced stages, the deal did not materialize due to several factors.

Background of the Acquisition Plan

In April 2025, Startup Superb reported exclusively that PhysicsWallah was assessing acquisition opportunities to enhance its footprint in the Union Public Service Commission (UPSC) exam preparation sector. The estimated value of this deal ranged between Rs 2,500 crore and Rs 3,000 crore.

Details on Drishti IAS and Other Potential Acquisitions

Drishti IAS was among several institutions being evaluated for acquisition, alongside Chaitanya Academy, Rau’s IAS Study Circle, and Sarrthi IAS, as part of PhysicsWallah’s strategy.

According to one source, after being approached by PhysicsWallah, Drishti IAS assessed the proposal. However, due to its strong financial performance, the company has opted to remain independent and is not pursuing external funding or acquisition.

About Drishti IAS

Founded in 1999, Drishti IAS has cemented its reputation as a top contender in civil services preparation, especially for Hindi-speaking candidates. The Delhi-based organisation reported a revenue of Rs 405 crore and a post-tax profit of Rs 90 crore for FY24. Projections indicate Drishti IAS is likely to experience notable revenue and profit growth in FY25.

PhysicsWallah’s Expanding Business Horizons

PhysicsWallah, recognised for its cost-effective online coaching, has broadened its educational offerings beyond engineering and medical entrance tests, venturing into the UPSC coaching segment. The intended acquisition of Drishti IAS was viewed as a strategic initiative to enhance its offline presence and diversify its offerings ahead of a proposed IPO.

IPO Plans for PhysicsWallah

PhysicsWallah has reportedly filed draft papers confidentially in March to raise Rs 4,600 crore through an initial public offering (IPO). If this endeavours succeeds, it will mark PhysicsWallah as the first edtech unicorn to be listed on the stock exchange.

As of the time of publication, PhysicsWallah did not provide comments on the development, while Drishti IAS has yet to respond to media inquiries.