The Noida-based company has appointed former Zomato deputy CFO Nitin Savara, former RBI regional director Rachna Dikshit, and ex-bureaucrat Deepak Amitabh, who is currently engaged with the Adani Group, as independent directors.
Queries sent to Physicswallah on the development did not elicit any response.
The startup had earlier converted itself into a public company, which is a key step ahead of filing papers for an IPO. It has already appointed Kotak Mahindra Capital, Goldman Sachs, Axis Capital, and JP Morgan as the bankers for the listing.
In addition to the three independent directors, Physicswallah’s board comprises founders Alakh Pandey and Prateek Maheshwari, and WestBridge Capital’s Sandeep Singhal.
The company has made several key appointments in recent months. In January, it appointed Ajinkya Jain as group general counsel, company secretary, and compliance officer. Last November, it roped in Amit Sachdeva as its chief financial officer. Sachdeva had served as CFO of Grofers (now Blinkit) till August 2022.
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The Noida-based company saw its operating revenue surge 160% to Rs 1,940 crore in FY24, from Rs 744 crore in FY23. However, its consolidated net loss ballooned to Rs 1,131 crore from Rs 84 crore a year ago due to a higher wage bill.Last September, the edtech company, which is focused on the competitive exam preparation segment, closed a $210-million financing round led by Asian hedge fund Hornbill Capital, with significant participation from venture capital fund Lightspeed Venture Partners. This round valued the edtech major at $2.8 billion.
In 2022, the startup had raised its maiden institutional round of $100 million, at a valuation of $1.1 billion.
