New Delhi, June 6 The much-talked-about acquisition of UPSC coaching institute Drishti IAS by edtech unicorn PhysicsWallah has reportedly been called off.
The deal was in advanced stages but ultimately fell through due to multiple reasons, according to a report by Entrackr.
In April this year, multiple reports said that PhysicsWallah was actively exploring acquisitions to strengthen its position in the civil services preparation segment.
The proposed acquisition of Drishti IAS was estimated to be worth between Rs 2,500 and Rs 3,000 crore.
Drishti IAS, a well-known name in UPSC coaching, especially among Hindi-medium aspirants, was one of the leading players being considered by PhysicsWallah, along with other institutes like Chaitanya Academy, Rau's IAS Study Circle, and Sarrthi IAS.
According to the report, Drishti IAS evaluated the proposal after being approached by PhysicsWallah.
However, considering its strong financial performance and independent growth, the company decided not to go ahead with the deal.
The report added that Drishti IAS is currently not looking to raise external funds or be acquired. Founded in 1999, Drishti IAS has built a strong presence in the civil services coaching space.
In the financial year 2023–24, the Delhi-based institute reported revenue of Rs 405 crore and a profit after tax of Rs 90 crore.
The report indicate that the institute is also expected to post healthy growth in FY25.
PhysicsWallah, originally focussed on online coaching for engineering and medical entrance exams, has recently been expanding into UPSC and other competitive exams.
The acquisition of Drishti IAS was seen as a strategic step to strengthen its offline footprint and diversify its educational offerings -- particularly ahead of its planned stock market debut.
However, as of now, both PhysicsWallah and Drishti IAS have not officially responded to the matter.
Meanwhile, reports indicate that PhysicsWallah filed its draft IPO papers confidentially in March 2025, aiming to raise around Rs 4,600 crore. If successful, it will become the first Indian edtech unicorn to be listed on the stock exchange.
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