Edtech unicorn PhysicsWallah on Thursday announced acquisition of test preparation edtech company PrepOnline and book publisher Altis Vortex for an undisclosed amount in a mix of cash and stock deal.
With the acquisition of PrepOnline, PhysicsWallah (PW) has forayed into online competitive exam preparation segment and acquisition of Altis Vortex marks its entry into book publishing domain.
“We look forward to this association and hope to provide world-class education content to our users,” PW Founder and CEO Alakh Pandey said in a statement.
PrepOnline was founded by Vivek Gaur, Manish Kumar, and Anurag Pareek, while Altis Vortex was established by Gaur and Kumar.
PrepOnline focusses on preparation for NEET, Board Exams, and state-level government exams while Altis Vortex is publisher of NCERT-based books for class 11, 12, NEET and CUET-UG Exam preparations.
PW has roped in 35 employees from PrepOnline, of which 18 are adept teachers with around 8-10 years of experience, to enhance its teaching infrastructure. PrepOnline has a paid user base of 42,000.
“We have been partnered with PW since the beginning by delivering content and operational support. Now we will work together as a team towards building new exam preparation categories and catalysing PW’s growth,” PrepOnline and Altis Vortex co-founder Vivek Gaur said.
Gaur has joined PW as Chief of Growth and Kumar as Chief of Projects. The new partners will also support PW in other domains, including retail marketing, e-commerce sales, and printing, the statement said.
Source: Business-Standard