Edtech startup PhysicsWallah has partnered with social investing platform Rang De. Under this, financially weak students will be helped in taking education loan. For this, they will not have to take any mortgage, that is, they will get a collateral-free education loan. This loan will be available for PhysicsWallah Institute of Innovation (PW IOI), which is a four-year residential program with specialization in Computer Science and AI.
Prateek Maheshwari, co-founder of PhysicsWalla, said that this partnership is very important towards the mission of democratizing education in India. Under this initiative, students will be able to get a secured collateral free education loan of up to Rs 3-4 lakh. This loan can be repaid after completion of the course. The first batch of Computer Science and AI program from PhysicsWallah will start from 27th September.
Physicswala was started in 2016
Edtech startup Physicswala was started in 2016 by Alakh Pandey, a tuition teacher in Prayagraj, UP. When Alakh Pandey started his career, he got a salary of only Rs 5000. Today his startup has given jobs to thousands of people. Physicswala started as a YouTube channel. He used to make videos of his lectures and post them on this. After that gradually he started giving online coaching at very low fees. His style of teaching was so excellent that many times even college teachers used to advise students to watch his videos.
Edtech startup Unacademy had offered Alak Pandey an annual package of Rs 40 crore, but he rejected the offer. In the year 2020, Alakh Pandey registered Physicswala as a company and his channel became a company. Later, Pratik Maheshwari, who did engineering from IIT BHU along with Alakh, joined Physicswala as a co-founder. As of July 7, 2022, today’s valuation of this company is around $986 million.