Edtech major PhysicsWallah (PW) is in advanced discussions to acquire a partial stake in the government job preparation platform Rojgar With Ankit (RWA).
Confirmed via a regulatory filing on April 15, 2026, this move marks PhysicsWallah’s first major acquisition since its public listing in November 2025. The deal is expected to value the Noida-based Rojgar With Ankit in the range of ₹400–₹500 crore.
1. Deal Specifics & Valuation
While the final contours are still being finalized, early reports and exchange filings highlight the following:
- The Stake: PW is likely to pick up a minority stake in the initial tranche.
- The Valuation: RWA is being valued between ₹400 crore and ₹500 crore.
- Post-Listing Milestone: This is a strategic pivot for PW, showing its intent to use its IPO proceeds for inorganic expansion into niche, high-growth segments.
2. Strategic Fit: The “Sarkari Naukri” Vertical
Rojgar With Ankit, founded in 2020 by Ankit Kumar, has built a massive following among aspirants for state-level and central government jobs (SSC, UP Police, Railways, etc.).
- The Synergies: PW aims to integrate RWA’s hyper-local reach with its own tech infrastructure to scale “upskilling” and government exam prep.
- Financial Health: Unlike many cash-burning edtechs, RWA reported a profit of ₹5.35 crore on a revenue of ₹62.26 crore in FY25, making it an attractive, sustainable addition for PW.
- Ownership: Currently, founder Ankit Kumar holds a 90% stake, while Shimala owns 10%.
3. Market Reaction & Financials
The news provided a much-needed boost to PhysicsWallah’s stock, which has faced volatility since its debut:
- Stock Surge: Shares of PhysicsWallah (PWL) gained over 5% following the confirmation, reaching a high of ₹108.76.
- Market Cap: The company is currently valued at approximately ₹30,218 crore.
- Q3 Results: In its last earnings call (Feb 2026), PW reported a 33% rise in profit to ₹102 crore, with revenue standing at ₹1,082 crore.
4. Legal “Relief” and Tax Updates
Alongside the acquisition news, PhysicsWallah has also secured partial relief in a high-profile tax dispute:
- Demand Reduction: On April 13, 2026, a rectification order reduced a tax demand for AY 2023-24 from ₹263.34 crore to ₹192.76 crore.
- The Appeal: The company is still contesting the remaining amount but has assured investors that it will not materially impact operations.
5. Why This Matters for You
As someone tracking the 27 million developer surge and the ₹1,500 crore Rainmatter investments, this deal signals a “consolidation phase” in Indian edtech:
- Organic + Inorganic: PW is moving away from purely organic growth, using its “fortress balance sheet” to swallow profitable niche players.
- Government Job Focus: With rural unemployment and government job demand remaining a core socio-economic theme in India, this acquisition secures a “recurring revenue stream” from a very stable student demographic.
