Business
Edtech startup PhysicsWallah raises $100 mn, becomes new unicorn

Edtech startup PhysicsWallah has raised $100 million in Series A funding from Westbridge and GSV Ventures, becoming India’s 101st unicorn and the first edtech player to achieve this milestone, the company announced on Tuesday.
Once the transaction is completed, the company will be valued at $1.1 billion, it said in a statement.
PhysicsWallah said it will utilise these funds raised for business expansion, branding, opening more learning centres, and introducing more course offerings.
“We are delighted to join the unicorn bandwagon with this latest funding. This development will help us further our vision and implement new initiatives to augment the learning journeys of students, thereby enabling them to reach new heights in their careers,” said Alakh Pandey, Founder, and CEO, in a statement.
Founded in 2016 by renowned YouTube STEM educator Alakh Pandey and later joined by tech executive Prateek Maheshwari, PhysicsWallah offers online and offline courses and study materials for JEE, NEET and other engineering entrance and state board exams. The platform offers live classes, video lectures, test series and dynamic exercises for the aforementioned exams.
The edtech platform currently has 5.2 million Play Store downloads with a 4.7 rating and 6.9 million subscribers on YouTube.
The firm currently has 1900 employees, including 500 teachers and 90-100 tech experts. It also has 200 associate professors available to answer student queries and another 200 professionals to create exam questions and term papers.
The new funding announcement comes amid a downturn of edtech players in India, with many including BYJU’s-led WhiteHat Jr, Unacademy cost cutting and laying off employees due to fund crunch.
“The company has been profitable since inception with positive cash flows and reserves,” said Pandey. “Our revenue grew 9-fold in the year 2021-2022 vis-a-vis 2020-2021. Our current run rate for FY2023 is at $65 Million,” he added.
Aiming to reach every corner of the country and connect with 250 million+ students by 2025, PhysicsWallah is also gearing up to launch educational content in 9 vernacular languages, including Bengali, Marathi, Tamil, Telugu, Gujarati, Odia, Malayalam, and Kannada.
The firm is also looking to bridge the accessibility gap by opening 20 offline coaching classrooms across India. PhysicsWallah has established more than 20 centres across 18 cities with more than 10,000 students enrolled for 2022-2023 session.
Crime
25 prison officials in Punjab suspended in crackdown against drug networks

Chandigarh, June 28: In a major action against corruption and drug networks in prisons, the Punjab government on Saturday said it has suspended 25 officials, including three Deputy Superintendents and two Assistant Superintendents.
The government said the action is part of the drive to root out corruption and dismantle drug networks operating inside prisons.
“Following reports of irregularities and drug-related activities within jails, the government said the action was to end corruption and drug networks. The big action was taken as per information received about corruption and drug networks in jails,” the government said in a statement.
In March, the government shifted notorious jailed gangster Jaggu Bhagwanpuria from the high-security Bathinda Central Jail to Silchar Jail in Assam as authorities suspected that detained gangsters were running drug syndicates from Punjab’s prisons.
The Narcotics Control Bureau (NCB) had arrested Bhagwanpuria, also an accused in the killing of Punjabi singer Sidhu Moosewala, under the Prevention of Illicit Traffic in Narcotics and Psychotropic Substances (PIT NDPS) Act.
Bhagwanpuria, against whom 128 FIRs have been registered in Punjab and other states, was arrested in a murder case in 2015 and, since then, has been lodged in several jails, previously in Punjab.
In the singer Moosewala’s murder case, it was Bhagwanpuria and gangster Lawrence Bishnoi who had hatched a conspiracy to kill him.
However, later, both fell apart. Bhagwanpuria, a native of Gurdaspur district, is considered the most dreaded gangster of Punjab after Bishnoi and has more than five cases under the Unlawful Activities (Prevention) Act (UAPA) for hatching conspiracies to disturb communal harmony in Punjab.
Bhagwanpuria is facing 15 cases of arms and drug smuggling. On his shifting to Assam, the NCB had said then that Bhagwanpuria was moved out of Punjab as he had “established linkages” with international operatives in Canada, the US and Pakistan. His relocation was a must to disrupt the ecosystem, facilitating continued criminal activities, it added.
Business
US to send out tariff rate letters to countries starting next week

Washington, June 28: US President Donald Trump has said his administration will send letters to countries “over the next week and a half or so” to tell them about their tariff rates, while noting that his pause on “reciprocal” tariffs could be extended or shortened.
Trump made the remarks as South Korea and other countries have been seeking to strike a trade deal with the United States to avoid or minimise the impact of the reciprocal tariffs, with his pause on the new tariffs scheduled to end on July 8, media reports.
“So at a certain point over the next week and a half or so, or maybe before, we’re going to send out a letter. We talked to many of the countries,” Trump told a press briefing. “So we’re just going to tell them what they have to pay to do business in the United States.
Asked whether the pause on the tariffs can be extended, the president said, “We can do whatever we want.”
“We could extend it. We could make it shorter,” he said. “I would like to make it shorter. I’d like to just send letters out to everybody, (saying) ‘Congratulations. You are paying 25 percent.'”
Earlier in the day, Treasury Secretary Scott Bessent told Fox Business that the Trump administration could wrap up its trade talks with countries by Labor Day on Sept.1, as he reiterated that trading partners are approaching it with “very good” deals.
Noting that there are 18 “important” trading partners, Bessent pointed out that Washington has struck a deal with Britain and reached an accommodation with China.
“So if we can ink 10 or 12 of the important 18 — there are another important 20 relationships — then I think we could have trade wrapped up by Labor Day,” the secretary said.
On April 2, Trump announced reciprocal tariffs, including 25 percent duties on South Korea. Intended to match what other countries impose on U.S. goods, the new tariffs took effect on April 9, but the president paused them for 90 days that same day to allow for negotiations.
South Korea and other countries have been hoping to reach a trade deal with the U.S. before the temporary suspension of the reciprocal tariffs ends on July 8.
Business
Centre issues revised guidelines for waste-to-energy projects

New Delhi, June 28: The Centre on Saturday said it has released revised guidelines for the waste-to-energy programme under the National Bioenergy Programme., which aims to foster a more efficient, transparent, and performance-oriented ecosystem for bio-waste to energy deployment in India.
By simplifying procedures, expediting financial assistance, and aligning support with plant performance, the updated guidelines are designed to significantly enhance the ease of doing business for private as well as public sector, said the Ministry of New and Renewable Energy (MNRE).
Under the new framework, the ministry has simplified several processes, such as cutting down on paperwork and easing approval requirements, which will enable the industry especially MSMEs to enhance their production of CBG, Biogas and Power.
These changes align well with improvement of waste management including stubble, industrial waste, and India’s broader goal of reaching net-zero emissions by 2070.
A key highlight of the revised guidelines is the improved system for releasing Central Financial Assistance (CFA).
“Considering the challenges faced by the developers to achieve 80 per cent generation, flexible provisions have been made in the scheme for release of CFA based on plant performance,” said a ministry statement.
Previously, companies had to wait until the entire Waste-to-Energy project attains 80 per cent generation to receive support.
Moreover, as per the revised guidelines, there is a provision to release the CFA in two stages. Based on performance of the projects, 50 per cent of total CFA will be released after obtaining the consent to Operate certificate from State Pollution Control Board, against the bank guarantee, while the balance CFA would be released after achieving the 80 per cent of the rated capacity or the maximum CFA eligible capacity, whichever is lesser.
“In notably, even if a plant does not achieve 80 per cent generation for above both conditions during performance inspection, provision is made for pro-rata based disbursement based on the percentage output. However, no CFA will be given if the PLF is less than 50 per cent,” according to the government.
This change acknowledges real-world challenges and supports developers by offering financial flexibility and viability during operations.
The revision introduced provides the flexibility to the project developers in claiming CFA either within 18 months from the date of commissioning, or from the date of In-principle approval of CFA, whichever is later.
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