The much-anticipated acquisition of Drishti IAS by edtech unicorn PW (PhysicsWallah) has officially been called off, according to two sources familiar with the matter. Despite reaching advanced stages of discussion, the deal failed to materialize due to strategic differences and Drishti IAS’s strong independent performance
In April 2025, Entrackr had reported that PhysicsWallah was exploring acquisitions to strengthen its foothold in the UPSC test preparation segment, with Drishti IAS among the top targets. The proposed deal was estimated between ₹2,500 crore to ₹3,000 crore, positioning it as one of the largest M&A bets in India’s test prep sector.
“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,” a source revealed on condition of anonymity.
Founded in 1999, Drishi IAS has carved a niche in the civil services coaching domain — especially among Hindi-medium aspirants. The Delhi-based institute reported a revenue of ₹405 crore with a profit after tax of ₹90 crore in FY24, and is on track for further growth in FY25, sources added.
Meanwhile, PhysicsWallah, backed by marquee investors and known for democratizing online education in India, has been aggressively expanding beyond engineering and NEET prep. The hashtag#UPSCspace was seen as the next frontier, and Drishti’s acquisition was expected to accelerate its offline presence and regional footprint.
The failed acquisition comes at a time when PhysicsWallah is preparing for its stock market debut. As per reports, the unicorn filed draft IPO papers confidentially in March and aims to raise approximately ₹4,600 crore through its listing — potentially becoming India’s first listed edtech unicorn.
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