PhysicsWallah (PW), the pioneering edtech unicorn that emerged as a YouTube channel in 2016, is making waves in the education sector once again. The brainchild of Founder and CEO Alakh Pandey, PW has secured a unique position in the Indian market by becoming the sole profitable edtech unicorn in the country. From its early days as an online tutorial platform, the company has achieved remarkable growth, primarily driven by its successful test prep business. Now, PW is setting its sights on a new horizon: skilling.
The move towards skilling isn’t just an additional venture for PW; it embodies the core focus of the company’s future expansion. Vishwa Mohan, Chief Information Officer of PW, and Sudhanshu Kumar, CEO of PW Skills, jointly announced this strategic shift. According to Mohan, the ultimate achievement in a student’s journey is realized when they secure a job. In this context, skilling plays a pivotal role, acting as a bridge between traditional college education and the evolving demands of the industry.
India’s educational landscape is characterized by a stark mismatch between the skills acquired through formal education and the requirements of the job market. Approximately 13 lakh engineers graduate in India each year, yet only half of them manage to secure employment immediately after graduation. The rest often find themselves in jobs that don’t align with their skill sets, due to various factors such as financial constraints and family obligations. Dr. Avantika Tomar, India Education Partner at EY-Parthenon, underlines that skilling is a pressing concern for job seekers.
PW’s recent timeline showcases its commitment to skilling and innovation:
October 2022: Launched PW Skills, marking the official foray into the skilling domain.
December 2022: Acquired iNeuron for $30.2 million, enhancing its skilling offerings.
May 2023: Announced a substantial investment of INR 120 crore in upskilling initiatives.
July 2023: Unveiled the PW Institute of Innovation in Bangalore and introduced a 4-year residential program in computer science and AI.
August 2023: Hosted its inaugural offline job fair in Noida, a significant step in connecting skilled individuals with potential employers.
Recent findings from the Emeritus Global Workplace Skills Study 2023, conducted by professional education firm Emeritus (part of the Eruditus Group), emphasize the concerns shared by Indians about the potential threat of technology replacing their jobs. Nearly three out of four respondents expressed fear of job displacement if they don’t continually develop their skills. Moreover, the study highlighted the anxiety individuals feel about keeping up with the rapidly changing job market.
This demand for upskilling, reskilling, and bridging the education-industry gap has opened doors for companies like upGrad, Eruditus, Simplilearn, Scaler, and now PhysicsWallah to cater to a growing market. Although PW currently doesn’t have the lion’s share of the market like some of its competitors, industry insiders believe that the company, led by Alakh Pandey, holds substantial potential to compete with established players in the future.
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Prateek Maheshwari, Co-founder of PhysicsWallah, stresses the significance of skilling in today’s knowledge-driven world. He states, “In a world where knowledge evolves faster than ever, upskilling isn’t an option – it’s a necessity. At PhysicsWallah, we understand that bridging the gap between education and industry demands is pivotal.”
Interestingly, this shift towards skilling aligns with a trend in the Indian tech sector. Many tech companies are investing in upskilling their existing employees to bridge talent gaps. A recent survey by Scaler found that nearly two out of three companies are funding their employees’ upskilling programs to tackle the challenge of skill gaps.
PhysicsWallah’s ambitious journey from a YouTube channel to a profitable edtech unicorn has positioned it as a pivotal player in India’s education sector. As it embarks on this new phase focused on skilling, the company aims to not only empower students but also contribute to a more skilled and job-ready workforce that aligns with the dynamic demands of the modern job market.
