PhysicsWallah Submits Revised DRHP for ₹3,820 Crore IPO; Founders to Sell Shares
First Indian edtech startup set to go public as company outlines aggressive offline and hybrid growth plans
Edtech unicorn PhysicsWallah (PW) has filed an updated Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹3,820 crore through an initial public offering (IPO). The offering will include a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) of ₹720 crore, according to regulatory filings.
The OFS will see the company’s co-founders, Alakh Pandey and Prateek Maheshwari, each selling shares worth ₹360 crore. The IPO filing marks a significant step for the company, which had earlier submitted its DRHP through the confidential pre-filing route. SEBI approved the filing on July 18, 2025, allowing the company to move forward with the public process.
PhysicsWallah intends to use a substantial portion of the IPO proceeds to expand its hybrid and offline learning infrastructure. The updated DRHP shows that ₹460 crore has been allocated for the establishment of new centers, while ₹548 crore will be used for lease payments on existing facilities. Additionally, ₹470 crore is earmarked for investments in its subsidiaries, including Xylem Learning and Utkarsh Classes, as well as for acquisitions.
The company plans to spend ₹200 crore on enhancing server and cloud infrastructure and another ₹710 crore on marketing and brand awareness. These allocations reflect a strategic push to strengthen the company’s operational scale and visibility in the increasingly competitive edtech space.
PhysicsWallah’s financial performance in FY25 shows a strong growth trajectory. The company reported a 97% year-on-year increase in revenue, rising from ₹1,940 crore in FY24 to ₹2,886 crore in FY25. At the same time, net losses dropped sharply from ₹1,131 crore in FY24 to ₹243 crore in FY25. The number of offline centers increased rapidly, with a compound annual growth rate (CAGR) of 166% between FY23 and FY25.
On the digital front, the company has built a massive following. Its flagship YouTube channel, “Physics Wallah – Alakh Pandey,” had 13.7 million subscribers as of mid-July 2025, while the broader PW YouTube network reached 98.8 million subscribers by June 30, 2025. The company has positioned itself as a leading player in low-cost, high-reach educational content, particularly in tier-2 and tier-3 cities.
This IPO is among the most anticipated listings in India’s startup ecosystem this year, as it would mark the first public offering by an Indian edtech company.