India, June 4 -- Edtech major PhysicsWallah has rolled back its plan to provide financing to students through its wholly owned NBFC subsidiary, FinZ Finance.

In a statement today, the Alakh Pandey-led company said it is restructuring its lending strategy and has tied up with multiple leading regulated third-party NBFCs to enable student lending needs.

"This decision reverses the company's earlier approach and is intended to materially reduce balance sheet and credit related risks for the company," the company said.

Notably, the company's shares were under pressure since it announced its decision to infuse Rs.120 Cr into FinZ Finance last week. Following the announcement today, the company's shares surged as much as 17.8% to touch an in...