In the bustling world of India’s education sector, where dreams of cracking JEE, NEET, or UPSC often clash with high costs and limited access, PhysicsWallah stands out as a beacon of affordability and innovation. Founded by Alakh Pandey, this edtech powerhouse has transformed from a humble YouTube channel into a unicorn valued at billions, serving millions of students across the country. With its recent blockbuster IPO raising ₹3,480 crore and shares debuting at a 33% premium, PhysicsWallah isn’t just a success story—it’s a game-changer for Indian families striving for quality education without breaking the bank.
For Indian investors and parents alike, the PhysicsWallah journey underscores the potential of edtech to bridge urban-rural divides. This evergreen guide explores the company’s origins, growth, and what its public listing means for the future of learning in India. Drawing from verified SEBI filings, official announcements, and financial disclosures, we’ll demystify the IPO, its impact, and why it’s a milestone for accessible education—all without hype or unverified projections.
The Humble Beginnings: From YouTube Classroom to EdTech Giant
PhysicsWallah’s story is the epitome of grassroots innovation. Launched in 2016 as a YouTube channel by Alakh Pandey, a physics educator from Prayagraj, Uttar Pradesh, it started with free videos aimed at helping students prepare for competitive exams like JEE and NEET. Pandey, born into a middle-class family on October 2, 1991, faced financial hardships early on—his education nearly halted after Class 8 due to fee issues—but turned his passion for teaching into a mission.
After dropping out of Harcourt Butler Technical Institute without completing his mechanical engineering degree, Pandey taught at local coaching centers in Allahabad for a modest salary. His engaging, relatable style—explaining complex concepts in simple Hindi—quickly resonated. By 2019, the channel had over 2 million subscribers. In 2020, amid the COVID-19 pandemic, Pandey partnered with co-founder Prateek Maheshwari, an IIT-BHU alumnus and tech expert, to launch the PhysicsWallah app. This marked the shift from free content to structured, affordable paid courses.
Today, headquartered in Noida, PhysicsWallah operates across online (apps and YouTube), offline (physical centers), and hybrid modes, covering 98% of Indian pin codes. Its flagship YouTube channel boasts 13.7 million subscribers as of July 2025, with the broader network reaching 98.8 million—a compound annual growth rate (CAGR) of 41.8% from FY23 to FY25.
A Robust Growth Engine: Key Metrics and User Base
PhysicsWallah’s ascent is fueled by a student-centric model that prioritizes affordability—courses priced at a fraction of traditional coaching fees—while delivering results through live classes, doubt-solving, and personalized learning. It targets core segments like JEE/NEET prep (accounting for about 30% of revenue) but has diversified into UPSC, GATE, foundation courses, and upskilling in data science, banking, and software development.
The platform’s reach is impressive:
| Metric | FY25 Details | Growth Insight |
|---|---|---|
| Paid Users | 4.46 million (CAGR 59.19% FY23–FY25) | Reflects strong demand for affordable access |
| Online Transacting Users | 4.13 million (as of June 2025) | 93% of paid subscribers online |
| Offline Students | 0.33 million | Expansion to 303 centers in 152 cities |
| App Downloads | 71.25 million (cumulative) | Flagship PW app for JEE/NEET/UPSC |
| YouTube Subscribers | 98.8 million (network-wide) | 32.71 crore watch hours in 2023 |
As of June 2025, PhysicsWallah had 11 million+ monthly online users and had acquired 11 startups, including iNeuron for skilling and Xylem Learning for South India expansion, consolidating over 3 million users. Offline growth accelerated post-FY22, with centers in Kota and beyond, contributing 35–40% of revenue by 2023.
This hybrid approach—online for scale, offline for hands-on support—has driven a 182% surge in online enrollments in 2023 alone, with 24 lakh paid orders. The company’s low marketing spend (10% of revenue in FY24 vs. peers’ 18%) relies on word-of-mouth and community building, fostering a loyal “PWian” base.
Financial Snapshot: Steady Revenue Climb Amid Investments
PhysicsWallah’s financials reflect disciplined growth in a sector plagued by over-expansion. From ₹24.6 crore revenue in FY21, it scaled to ₹2,887 crore in FY25—a 49% year-on-year jump—while narrowing losses to ₹243 crore from ₹1,131 crore in FY24. Earlier, it posted profits of ₹6.92 crore in FY21.
Trailing 12-month revenue as of June 2025 stands at $362 million (about ₹3,039 crore), up 51% YoY. Investments in offline infrastructure and content explain the losses, but the company anticipates profitability in FY26.
Funding has been strategic: $100 million in Series A (2022, unicorn status at $1.1 billion valuation), followed by $210 million in Series B (2024, valuation to $2.8 billion). Backers include WestBridge Capital (7.8% stake), Hornbill Capital (4.42%), and Lightspeed.
The IPO Breakdown: A ₹3,480 Crore Milestone
PhysicsWallah’s IPO, filed via confidential DRHP in March 2025 and updated in September, opened on November 11 and closed on November 13, 2025. Priced at ₹103–₹109 per share (face value ₹1), it comprised a fresh issue of ₹3,100 crore (28.44 crore shares) and an offer for sale (OFS) of ₹380 crore (3.49 crore shares) by promoters Pandey and Maheshwari.
Key details:
- Lot Size: 137 shares (minimum retail investment ₹14,933 at upper band).
- Allotment: Finalized November 14, 2025.
- Listing: November 18, 2025, on BSE and NSE at around 10 AM, with shares debuting at ₹145 on NSE (33% premium) and ₹143.10 on BSE (31% premium), closing up 44% higher.
- Book-Runners: Kotak Mahindra Capital, JP Morgan India, Goldman Sachs India, Axis Capital.
- Registrar: MUFG Intime India.
Proceeds from the fresh issue will fund new offline/hybrid centers, lease payments, and investments in subsidiaries like Xylem Learning and Utkarsh Classes, plus general corporate purposes. At ₹109, the IPO valued the company at ₹31,500 crore ($3.7 billion post-money).
The IPO’s success—despite edtech headwinds—highlights investor confidence in PhysicsWallah’s low-cost model and 59% CAGR in paid users.
Why It Matters for Indian Investors and Families
For retail investors, PhysicsWallah’s listing offers exposure to India’s $29 billion edtech market (projected by 2030), where test prep alone could hit $9 billion at 29% CAGR. Unlike premium peers, its value-for-money focus (e.g., fees 10x lower than offline rivals) taps into Tier 2/3 demand, hedging against urban slowdowns.
For families, it’s transformative: 51,000 students received fee waivers worth ₹17 crore, and the platform’s regional languages and hybrid options reach underserved areas. As Pandey notes, it’s about “democratizing education at scale.”
Risks and the Road Ahead
No growth story is without hurdles. PhysicsWallah faces competition from BYJU’S and Unacademy, high faculty attrition (26.98% in FY25), and expansion costs. Regulatory shifts in edtech and economic pressures could impact enrollments, but its 40% teacher retention focus and AI-driven personalization mitigate these.
Post-IPO, expect accelerated growth: 400 offline centers targeted, deeper South India penetration, and skilling expansions.
Conclusion: Empowering India’s Next Generation
PhysicsWallah’s IPO isn’t just a financial win—it’s a vote for inclusive education. By blending Pandey’s teaching zeal with Maheshwari’s tech savvy, the company has built a ₹31,000 crore empire that puts students first. For Indian investors, it’s a chance to back a resilient player in a high-growth sector; for parents, a promise of brighter futures. As edtech evolves, PhysicsWallah’s blueprint—affordable, scalable, community-driven—could redefine learning for generations.
Last Updated on: Friday, November 21, 2025 1:05 pm by Sakethyadav | Published by: Sakethyadav on Friday, November 21, 2025, 1:04 pm | News Categories: Latest News India: Breaking News & Top Headlines | News Trail
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