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.
IPO schedule
Issue open date
2025-11-11
Issue close date
2025-11-13
UPI mandate deadline
2025-11-13 (5 PM)
Allotment finalization
2025-11-14
Refund initiation
2025-11-17
Share credit
2025-11-17
Listing date
2025-11-18
Mandate end date
2025-11-28
Lock-in end date for anchor investors (50%)
2025-12-14
Lock-in end date for anchor investors (remaining)
2026-02-12
Financials
Financial Year Ended
March 2024
March 2025
June 2025
Total Assets
2480.7
4156.3
5075.67
Revenue
2015.3
3039.0
905.41
Profit After Tax
-1131.1
-243.2
-127.01
Issue size
Funds Raised in the IPO
Amount
Total issue size
3480
Fresh Issue - Proceeds go to the company
3100
Offer for sale - Proceeds go to the existing investors
380
Utilisation of proceeds
Purpose
INR crores (%)
Capital expenditure for fit-outs of new offline and hybrid centers
460.5 (14.86%)
Lease payments for existing offline and hybrid centers
548.3 (17.69%)
Capital expenditure for fit-outs of new Xylem offline centers
31.65 (1.02%)
Lease payments for Xylem’s offline centers and hostels
15.52 (0.50%)
Investment in Utkarsh Classes for lease payments
33.70 (1.09%)
Server and cloud infrastructure costs
200.11 (6.46%)
Marketing initiatives
710 (22.90%)
Acquisition of additional shareholding in Utkarsh Classes
26.50 (0.85%)
Inorganic growth and general corporate purposes
1073.66 (34.63%)
Strengths
India’s first ed-tech unicorn to emerge profitably with strong brand recall among STEM learners.
Robust hybrid model integrating online courses, offline centers, and learning products.
Deep regional penetration through localized content in multiple Indian languages.
Tech-enabled learning platform with data-driven personalization and engagement.
Strong founder-led vision with successful scaling across K–12, test prep, and skilling.
Risks
Heavy dependence on a few star educators for revenue and student retention.
Intense competition from established ed-tech, offline, and hybrid education players.
Government regulations around education content and student data may impact operations.
Scaling offline centers exposes the company to high fixed costs and regional risks.
Negative publicity linked to exam-related controversies or legal issues can hurt reputation.