IPO-bound edtech major Physicswallah has appointed three independent directors to its board according to filings.
The edtech unicorn has onboarded Deepak Amitabh, Rachna Dikshit, and Nitin Savara as independent directors.
Savara, ex-deputy CFO at Zomato, holds similar roles across multiple firms., Amitabh, led PTC India and now oversees Adani Group’s flagship operations and. Dikshit, a former RBI regional director, serves as an independent director in several companies.
The edtech firm has changed the designation of Prateek Boob from executive director to wholetime director of the company for the period of five years, effective February.
Along with these three individuals, PW’s board includes Sandeep Singhal, Co-founder and Managing Partner at WestBridge Capital India Advisors, as well as the company’s co-founders, Alakh Pandey and Prateek Maheshwari. The board has reclassified the co-founders as whole-time directors from executive directors.
Recently, the company appointed Ajinkya Jain as group general counsel, company secretary, and compliance officer. In November, it appointed former Blinkit CFO Amit Sachdeva as chief financial officer following the announcement of its FY24 financial results.
Valuation doubles
Physicswallah had rasied $210 million funding round led by Hornbill Capital, which doubled its valuation to $2.8 billion. The edtech unicorn has raised $310 million till date from investors including Lightspeed Ventures, WestBridge and GSV Ventures.
The Noida-based firm, preparing to go public this year, is expected to file its draft IPO papers soon. The firm reported a consolidated loss of Rs 1,131.3 crore in FY24, a 13.5X surge from Rs 84.1 crore in the previous fiscal year.
