PhysicsWallah Becomes India’s First New-Age Edtech to File ₹3,820 Cr IPO

Founded by Alakh Pandey and Prateek Maheshwari, PhysicsWallah has filed an updated DRHP with SEBI to raise ₹3,820 crore through a mix of fresh issue and offer for sale.

IPO Breakdown

Component	Amount (₹ crore)	Purpose
Fresh Issue	₹3,100	Expansion, tech infra, marketing, acquisitions
Offer for Sale (OFS)	₹720	Promoters selling ₹360 crore each

Financial Snapshot

• FY25 Revenue: ₹2,887 crore (up from ₹1,940 crore in FY24)
• FY25 Net Loss: ₹243 crore (down from ₹1,131 crore in FY24)
• Net Worth: Turned positive at ₹1,945 crore

Use of Proceeds

• ₹460 crore: New offline/hybrid centers
• ₹548 crore: Lease payments
• ₹470 crore: Subsidiary investments (Xylem, Utkarsh)
• ₹200 crore: Cloud/server infrastructure
• ₹710 crore: Marketing blitz

Strategic Context

PhysicsWallah is the first new-age edtech startup to file for a public listing in India, signaling a shift as private funding slows. With over 98 million YouTube subscribers across its channels and a strong Tier-II/III presence, it’s betting big on hybrid learning and regional expansion.