An Indian edtech startup that has made inroads in smaller Indian cities and towns with its low-cost learning offerings is the latest to join the country’s fast-growing unicorn club.

PW, or PhysicsWallah, has raised $100 million in its Series A funding, the startup said Tuesday. Westbridge and GSV Ventures financed the round, which values the startup at $1.1 billion (post-money).

PW has demonstrated a business model that works in smaller Indian cities, places that many have long considered don’t have much to offer to support any monetization model. PW charges students as low as $4 and has amassed 6.9 million subscribers, it said.

PW represent a broader shift in the Indian startup ecosystem. The urban India – or “India1,” as venture capitalist Sajith Pai categorizes it, appears to have largely been taped out with only few opportunities left. So it should come as little surprise that PW was one of the hottest deals that many VCs have been chasing for several quarters. 

“Since its inception, we have focused on delivering high-quality education with affordability at the forefront, ensuring that learners from all walks of life can continue their higher education and boost their career trajectory without any hassles,” said Alakh Pandey, founder and chief executive of PW, in a statement.

“This latest development will help us further our vision and implement new initiatives to augment the learning journeys of students, thereby enabling them to reach new heights in their careers. Our commitment remains ‘every dollar spent in PW is for the greater good of learners.’”

The startup’s success comes at a time when many established edtech players are struggling and have cut their workforces in recent weeks. 

This is a developing story. More to follow…

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