Physicswallah Limited has approved the third tranche of its planned multi-stage acquisition of Utkarsh Classes & Edutech Private Limited, increasing its stake from 63.25% to 75.50% through the purchase of 25,599 equity shares for a cash consideration of about ₹265.00 crore, as part of the IPO-proceeds deployment outlined in its November 2025 prospectus. This transaction values each Utkarsh share at a significant premium to face value and advances Physicswallah’s roadmap to fully acquire 100% of Utkarsh Classes by March 2028, strengthening strategic control over the regional test-prep and school segment franchise.​

Utkarsh Classes & Edutech is a Kota-origin, exam-focused edtech and offline coaching brand that operates coaching centres and digital platforms for competitive exams such as government jobs, teaching, defence, and school-level courses, alongside sales of books and course materials. The company has expanded from its original Rajasthan base into multiple Hindi-speaking states using a hybrid model of physical centres, live-online classes, and app-based learning, which complements Physicswallah’s broader K–12 and competitive exam portfolio.​​

For the financial year 2024–25, Utkarsh Classes reported turnover of about ₹1689.56 million, compared with ₹1469.68 million in 2023–24 and ₹1589.21 million in 2022–23, indicating a recovery-led growth after a temporary dip, driven by scaling of offline centres and integrated digital offerings. In 2025, Utkarsh continued to feature in market updates as a key pillar of Physicswallah’s regional growth strategy, with the parent highlighting its role in deepening presence in Tier 2 and Tier 3 cities through vernacular content and affordable pricing models.​​

Physicswallah’s own latest quarterly results for 2025 have shown robust year-on-year revenue growth from its core online learning platform, live classes, and test-prep ecosystem, though detailed quarterly splits for Utkarsh as a subsidiary have not been separately disclosed in public filings. While there is no widely reported marquee public-market investor in Physicswallah comparable to large listed tech companies, the broader edtech space has seen continued interest from private equity and venture investors in 2025, with strategic capital typically focused on profitable, hybrid-model assets like Physicswallah and its subsidiaries.​