PhysicsWallah set to acquire stake in test-prep platform Rojgar With Ankit

Edtech company PhysicsWallah (PW) is in talks to acquire a stake in Rojgar With Ankit (RWA), a digital-first government examination preparation platform, sources familiar with the development told Business Standard. 

 

While the financial details are not known, according to sources the transaction is likely to be valued at around Rs 300-400 crore.  

 

If completed, the deal would mark PW’s first acquisition since its public listing in November last year. 

 

When contacted, the company said: "The Company continuously evaluates various strategic opportunities to support the growth and expansion of its business. At this stage, any information or reports are purely speculative in nature. We will not comment on market rumours or conjecture."

 

Rojgar With Ankit is a YouTube-based education platform, which is similar to how PW began its journey. Based on the information available on its website and social media platforms, RWA primarily offers courses related to examinations for the railways, banking, the Staff Selection Commission (SSC), the Uttar Pradesh Subordinate Services Selection Commission (UPSSSC), and defence, among others. Additionally, it provides resources related to the joint entrance examination (JEE) for engineering, national eligibility-cum entrance test (NEET) for medicine, and for board examinations such as the UP Board (Uttar Pradesh Madhyamik Shiksha Parishad), the Central Board of Secondary Education (CBSE), and the Bihar School Examination Board.

 

The platform, founded by Ankit Bhati, has over 18.6 million subscribers and nearly 20 associated YouTube channels, each dedicated to a specific course, exam or skill. 

 

PW has been rapidly expanding its presence in the government test preparation segment focusing on the Union Public Service Commission (UPSC), railways, banking, SSC, JEE, and NEET. 

 

In the past, the Noida-based company has made strategic acquisitions such as Xylem Learning and Utkarsh Classes. In its updated draft red herring prospectus, the company had said it plans to invest Rs 41.76 crore in its subsidiary, Xylem Learning, and Rs 33.69 crore in another unit, Utkarsh Classes & Edutech Pvt Ltd. PW had acquired Xylem to strengthen its presence in the South. 

 

According to PW’s shareholder letter for the third quarter of 2025-2026 (FY26), the cash flow from operations for the nine months (April-December) stood at Rs 6,42.9 crore, compared to Rs 506.9 crore for full-year FY25. As of December 31, 2025, the company’s treasury was at Rs 5,054.4 crore, inclusive of IPO proceeds.

 

PW reported a 33 per cent jump in its net profit to Rs 102.3 crore in Q3FY26, up from Rs 76.7 crore in the year-ago period, and  Rs 69.7 crore in Q2FY26. Revenue from operations stood at Rs 1,082.4 crore, up 34 per cent from Rs 809.7 crore a year ago.