PhysicsWallah, one of India’s leading edtech unicorns, is reportedly preparing to launch its initial public offering (IPO) to raise about ₹3,820 crore, according to Bloomberg. The IPO will include both a fresh issue of shares and an offer for sale by existing shareholders.
| Particulars | Details |
| Total Issue Size | ₹3,820 crore |
| Fresh Issue | ₹3,100 crore |
| Offer for Sale (OFS) | ₹720 crore |
| Founders’ Stake | Alakh Pandey – 40.35%Prateek Boob – 40.35% |
| Investors | WestBridge Capital – 6.41%Hornbill Capital – 4.42% |
| Expected Valuation | Around US$5 billion |
The IPO, backed by WestBridge Capital and Hornbill Capital Partners, could launch in the coming weeks, though final details on valuation and timing are still being discussed.
The company plans to use funds from the fresh issue for business expansion and operational growth:
| Purpose | Allocation (₹ crore) |
| Marketing Initiatives | 710 |
| Lease Payments (Existing Centres) | 548 |
| Capital Expenditure (New Centres) | 460 |
| Investment in Xylem Learning Pvt Ltd | 471 |
The Securities and Exchange Board of India (SEBI) had approved PhysicsWallah’s pre-filing of draft papers in July 2025. This confidential pre-filing route allows the company to make revisions before the official launch.
The IPO is being managed by Kotak Mahindra Capital, Axis Bank, and the local units of JPMorgan Chase & Co. and Goldman Sachs Group.
PhysicsWallah provides online and hybrid test preparation and upskilling courses. As per its draft papers, it had 44.6 lakh paid users in FY25, growing at a CAGR of 59% between FY23 and FY25.
In FY24, the company reported ₹1,940 crore in revenue and a loss of ₹1,130 crore. Despite the losses, PhysicsWallah remains one of India’s fastest-growing edtech startups, leveraging a strong brand and affordable learning model.
Read more: What is Suzlon Energy Q2FY26 Results Date?
With this ₹3,820 crore IPO, PhysicsWallah aims to strengthen its offline and hybrid presence, enhance marketing efforts, and invest in future growth. If successful, the listing could make it one of India’s most valuable edtech companies, marking a major milestone in its journey from a YouTube channel to a multi-billion-dollar enterprise.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Oct 30, 2025, 2:25 PM IST
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