The acquisition of Drishti IAS by edtech unicorn PhysicsWallah that we have been eagerly anticipating has been called off.As per sources knowledgeable about the matter, the PhysicsWallah took over Drishti IAS in advanced stages of discussions but the deal was aborted due to several strategic and financial reasons.
PhysicsWallah was reported in April 2025 by Entrackr to be actively pursuing acquisitions in the UPSC (Union Public Service Commission) coaching space. The top institute being considered was Drishti IAS, as well as other coaching centers such as Chaitanya Academy, Rau’s IAS Study Circle, Sarrthi IAS. Of all of them Drishti IAS was the most well known target, the deal was approximately between ₹2,500 crore and ₹3,000 crore According to industry estimates cited by Entrackr
Yet the deal did not go forward. A person close to the matter stated that “Drishti IAS considered the proposal after being approached by PhysicsWallah, but given its strong revenue and profitability, the company has decided to continue operating independently and is not looking to raise external funding and acquisition,” according to Entrackr.
Drishti IAS, established in 1999, is one of the predominant coaching institutes for UPSC exam preparation and is significantly popular with Hindi-medium aspirants. The institute, located in Delhi, provided the top line of ₹405 crore and bottom line of ₹90 crore profit after tax for the financial year 2023–24 (FY24). Sources confirmed that Drishti also expects a healthy increase in revenue and profits in FY25, leading to an even stronger positioning in the market.
PhysicsWallah, in contrast, is well known for affordable online courses for engineering and medical entrance exams. The organization has also been expanding into other competitive exams recently, including UPSC. The purchase of Drishti IAS was thought to be a smart move to build an offline presence and to widen the scope of its aspirations ahead of its upcoming initial public offering IPO.
If the deal had gone through, PhysicsWallah’s standing in the UPSC tutoring market might have improved. Nevertheless, both businesses are anticipated to follow their own expansion strategies now that the acquisition is off the table.
While Physics Wallah refused to comment on the issue, Drishti IAS did not respond to requests for comment at the time of publication
In the meantime, reports have stated that PhysicsWallah submitted confidential papers in March 2025 seeking ₹4,600 crore through its IPO. If the share sale proceeds, PhysicsWallah will be India’s first edtech unicorn to be publicly listed, a landmark event for the edtech industry.
