New Delhi, Nov 7 : Edtech company Physics Wallah saw its losses widen to Rs 375 crore in the last fiscal (FY24) compared to Rs 84 crore in FY23 ' a whopping 346 per cent increase.

The FY24 loss of the edtech unicorn, founded by Alakh Pandey and Prateek Maheshwari, spiked 13 times if Rs 756 crore allocation towards the fair value loss of compulsorily convertible preference shares (CCPS) are also included.

Excluding this non-cash item, the company's losses stood at around Rs 375 crore, according to its financial results for FY24 filed with the Registrar of Companies.

Meanwhile, Physics Wallah's operational revenue increased to Rs 1,940.4 crore in FY24 against Rs 744.3 crore in FY23 ' a significant 2.6 times growth. The edtech unicorn incurred 35.3 per cent of the total expenditure on employee benefits at Rs 1,159 crore last fiscal --- an 181 per cent spike from Rs 412.6 crore in FY23. The operating cash flows remained positive at Rs 211.85 crore during the quarter.

In FY23, the company saw operating revenue at Rs 744.3 crore with a net loss of Rs 84 crore.

In September, Physics Wallah secured $210 million in its Series B funding round, which takes the company's valuation to $2.8 billion. The funding round was led by Hornbill Capital, with significant participation from Lightspeed Venture Partners, and existing investors GSV and WestBridge.

Physics Wallah (PW) produces 9,500 hours of educational content every week with a student base across 18,808 pin codes, accounting for almost 98 per cent of pin codes in the country.

According to Maheshwari, :FY25 is going to be the year of largest absolute profitability for the PW Group."

Founded in 2020, the company serves more than 4.6 crore students via its 112 YouTube channels in five vernacular languages.

/IANS