Edtech startup PhysicsWallah reported a 161% rise in revenue, reaching Rs 1,940 crore in FY24, up from Rs 744 crore in FY23.
Despite the growth, the companys losses widened dramatically from Rs 84 crore to Rs 1,130 crore during the same period. The shift to India accounting standards (IND AS) accounted for higher losses due to non-cash expenses like Compulsorily Convertible Preference Shares (CCPS). PhysicsWallah had a CCPS cost of Rs 756 crore in FY24, compared to Rs 67 crore in FY23.