PhysicsWallah Moves to Acquire Rojgar With Ankit in Deal Worth Up to Rs 400 Crore
PhysicsWallah, the Noida-based edtech company that went public in November last year, is in advanced discussions to acquire a stake in Rojgar With Ankit, a YouTube-native platform focused on government examination preparation, sources familiar with the matter told Business Standard. The transaction is estimated to be valued between Rs 300 crore and Rs 400 crore, though financial terms have not been finalised. If concluded, this would be PW's first acquisition since its initial public offering.
What Rojgar With Ankit Brings to the Table
Rojgar With Ankit was founded by Ankit Bhati and has built a substantial following without a conventional institutional structure — its reach rests almost entirely on digital distribution. The platform commands over 18.6 million subscribers across nearly 20 YouTube channels, each dedicated to a specific examination or subject area. Its core offering targets aspirants preparing for railways, banking, SSC, UPSSSC, and defence examinations — segments that collectively represent tens of millions of candidates annually across India.
The platform also covers JEE, NEET, and board examinations for UP Board, CBSE, and the Bihar School Examination Board. This breadth gives RWA a presence across two distinct but overlapping populations: aspirants pursuing government employment, and school and college students navigating entrance examinations. The YouTube-first model keeps distribution costs low while allowing near-unlimited scale, a structural advantage that PW itself exploited during its own early growth phase when founder Alakh Pandey built a physics audience on the same platform before converting it into a full-fledged edtech operation.
PW's Strategic Logic and Financial Position
PW has been systematically expanding into the government examination preparation segment, which in India constitutes one of the largest organised markets for educational content. The company already operates in UPSC, railways, banking, SSC, JEE, and NEET preparation. Acquiring RWA would consolidate its position in the Hindi-belt government job aspirant segment — a demographic with significant purchasing power and consistently high demand for structured preparation content.
The company is financially positioned to pursue this kind of transaction. For the nine months ending December 2025, PW reported cash flow from operations of Rs 642.9 crore, exceeding the full-year figure of Rs 506.9 crore for FY25. As of December 31, 2025, the company held Rs 5,054.4 crore in its treasury, including IPO proceeds. Revenue from operations for Q3 FY26 stood at Rs 1,082.4 crore, a 34 per cent increase from Rs 809.7 crore in the same period the previous year, while net profit rose 33 per cent year-on-year to Rs 102.3 crore.
PW has made acquisitions before. Xylem Learning was acquired to extend its footprint in southern India, and Utkarsh Classes brought in a presence in the government exam preparation vertical. The company's updated draft red herring prospectus indicated it planned to deploy Rs 41.76 crore into Xylem and Rs 33.69 crore into Utkarsh Classes & Edutech Pvt Ltd. RWA, at the reported valuation range, would represent a meaningfully larger bet — and a different kind of asset, one whose value is rooted in audience trust and creator-brand identity rather than physical infrastructure.
The Broader Consolidation Underway in Indian Edtech
The potential deal reflects a pattern that has been shaping India's education technology sector: established platforms with capital are absorbing smaller, often creator-led operations that have built genuine audiences but lack the operational infrastructure to scale into full commercial businesses. YouTube-based educators across India have demonstrated a remarkable capacity to attract loyal, high-intent learners — particularly in Tier 2 and Tier 3 cities where offline coaching is either inaccessible or prohibitively expensive.
For PW, folding RWA into its ecosystem would mean inheriting not just subscribers but the specific trust that Ankit Bhati's audience has placed in his content and persona. That trust is difficult to replicate through organic content development and represents a genuine asset in a segment where learner loyalty directly influences course enrolment and retention. The challenge in such acquisitions, however, is preserving the authenticity that drove the original audience's engagement once the platform is absorbed into a larger corporate structure.
PW declined to confirm the talks, stating the company "continuously evaluates various strategic opportunities" while characterising current reports as "purely speculative." This is standard language for a listed company managing disclosure obligations, and it neither confirms nor closes the door on the reported discussions.
