PhysicsWallah Pvt. Ltd. (PW), an edtech unicorn financed by Westbridge Capital, announced on Thursday that it had acquired iNeuron Intelligence Pvt. Ltd. to broaden its upskilling product offerings.
According to iNeuron, the company’s current investors, S Chand, the directors of S Chand, and the Mukesh Sharma Family Trust, their investments in the edtech startup, and subsequently sold their shares to PhysicsWallah, as per reported by Inc42.
S Chand will get 2x returns in a year as the company invested Rs 7 cr in iNeuron in December 2021 and exited with Rs 13.4 cr for the disinvestment of shares in iNeuron. In addition, the company entered into definitive agreements with iNeuron and its founders and PhysicsWallah.
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“iNeuron and S Chand have agreed to work together to empower students and job seekers with education and experiential skills. We are happy to now hand over the reins to PhysicsWallah and are confident that both iNeuron and PhysicsWallah will have form a great synergy and the potential to spearhead India’s digital learning journey,” said, Saurabh Mittal, CFO of S Chand and Company Ltd.
This is the publishing major’s second exit from the new edtech space. It also exited Testbook with 8x returns in July 2022. The company also operates its digital platforms such as S Chand Academy (YouTube), Testcoach App, Learnflix App, and Milestone Curriculum Solutions.
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S Chand along with its wholly owned subsidiaries Vikas Publishing and Chhaya Prakashani had acquired a minority stake in iNeuron Intelligence Private Limited in December 2021 in two tranches; it completed its second tranche of investment in September 2022. Both the companies have agreed to collaborate and worked together on university collaborations.
“This deal enables us to monetize our edtech investments at an attractive valuation and provides opportunities to explore future investments that align with our growth strategies. We are focused on developing our solutions and channels of interactive learning for K-12, test prep, and college and will be launching newer initiatives and content,” added Mittal.
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PhysicsWallah has acquired three startups – PrepOnline, Altis Vortex, and Free Co – this year for an undisclosed amount.
About S Chand and Company Limited
S Chand is one of India’s leading education content companies which aims to bring people and knowledge together. The company delivers content across the length and breadth of the country with established brands like S Chand, Madhubun, Vikas, Chhaya, Saraswati and Mylestone under its umbrella and a distribution reach of more than 3500 channel partners across India. With a footprint in more than 40,000 schools, colleges, universities, and institutes throughout India, it has consolidated the country’s fragmented education content market.
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It provides content, solutions, and services across the educational lifecycle through its presence in three business segments- Early Learning, K-12 and Higher Education and has also expanded its product portfolio through digital learning acquisitions. The Group is one of the market leaders in K-12 segment and has a strong foothold in the CBSE/ICSE and WBSE affiliated schools, with an increasing presence in the other state board affiliated schools across India.