PhysicsWallah IPO

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To be announced
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3820cr

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About PhysicsWallah

PhysicsWallah is an Indian education technology company founded by Alakh Pandey in 2020, offering comprehensive online and offline learning solutions for students from class 6-12 and competitive exam preparation including JEE, NEET, Civil Services, and other government examinations. The company provides live online classes, doubt resolution, test series, and operates offline coaching centers through PW Vidyapeeth and PW Pathshala models. With over 3.5 million registered students and 8 million YouTube subscribers, PhysicsWallah has established itself as a leading affordable edtech platform in India.

Financials of PhysicsWallah

Issue size

Funds Raised in the IPO Amount
Overall ₹3820 crores
Fresh Issue ₹3100 crores
Offer for sale ₹720 crores

Utilisation of proceeds

Purpose INR crores (%)
Capital expenditure for fit-outs of new offline and hybrid centers  460.5 (14.85%)
Expenditure towards lease payments of existing identified offline and hybrid centers 548.3 (17.68%)
Investment in subsidiary, Xylem Learning Private Limited. 47.1 (1.5%)
Investment in subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers. 33.6 (1.08%)
Expenditure towards server and cloud related infrastructure costs 200.1 (6.4%)
Expenditure towards marketing initiatives 710 (23%)
Acquisition of additional shareholding in, Utkarsh Classes & Edutech Private Limited 26.5 (0.85%)
Funding inorganic growth through unidentified acquisitions and general corporate purposes 1073.9 (34.64%)

Strengths

  • 4.46 million total number of paid users in fiscal 2025, grew at a CAGR of 59.19% from fiscal 2023 to 2025
  • Presence across many education categories in India with courses offered through multiple channel
  • Proprietary technology-stack enhances students’ learning experience
  • Specialized faculty members across categories, quality content and well-planned curriculum

Risks

  • Regulatory changes in online education sector could impact business
  • Heavy dependence on digital infrastructure and internet connectivity
  • Execution risks in scaling offline center operations
  • Customer acquisition and retention challenges in competitive market
  • Technology disruption risks and need for continuous platform upgrades

Media coverage