Edtech unicorn PhysicsWallah has transitioned to a public company, renaming itself PhysicsWallah Limited as part of its preparations for an initial public offering (IPO) in 2025. The company’s board approved the resolution earlier this month, marking a significant milestone in its journey from a startup to a publicly traded entity.
PhysicsWallah plans to list its equity shares on “one or more stock exchanges” and has engaged Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan to manage its proposed $400–$500 million IPO.
The move comes on the heels of a $210 million Series B funding round in September 2024, led by Hornbill Capital, which valued the edtech giant at $2.8 billion. Other participants in the funding round included Lightspeed Venture Partners, GSV Ventures, and WestBridge Capital. PhysicsWallah first achieved unicorn status in 2022, following a $100 million funding round led by WestBridge and GSV Ventures at a valuation of $1.1 billion.
Since its inception in 2020 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah has diversified its offerings significantly. The company operates hybrid and offline learning centers in over 105 cities across India and has ventured into test preparation across 43 categories, skilling initiatives, and higher education, including study-abroad programs. Additionally, it runs two Gurukulam Schools, emphasising traditional and modern education integration.
The edtech platform also claims to provide free education to over 46 million students through its 112 YouTube channels, available in five vernacular languages, reinforcing its commitment to accessible education.
Despite its growth, PhysicsWallah reported a net loss of ₹1,131.2 crore in FY24, up from ₹84.06 crore in FY23. However, its operating revenue surged 2.6 times to ₹1,940.4 crore in FY24, compared to ₹744.3 crore the previous year, showcasing robust demand for its services.
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With its evolution into a public company, PhysicsWallah aims to strengthen its position in the edtech space, leveraging its extensive reach and diverse offerings as it prepares to debut on the stock market in 2025.
