Physics Wallah Prepares to Launch $500 Million IPO – Shortlists 4 I Banks

Physics Wallah’s IPO: A Major Milestone in Edtech

Edtech unicorn Physics Wallah is gearing up for a massive IPO worth around $500 million. The company, led by Alakh Pandey and Prateek Maheshwari, has quickly become one of the most promising players in India’s education technology space. With a growing base of paid students and a mix of online and offline education, the company is well-positioned for a successful public offering in 2025.

In its journey toward the IPO, Physics Wallah has shortlisted four leading investment banks to steer the process—Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan. These banks were selected after competitive pitches, reflecting the IPO’s anticipated scale and impact.

Let’s break down what this IPO could mean for the Indian market and how Physics Wallah is preparing for the big leap.
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Why Physics Wallah’s IPO Is Creating Buzz

Physics Wallah’s potential public listing is more than just a financial event—it’s a key moment for India’s booming edtech industry. The $500 million IPO is expected to be a mix of primary and secondary shares, providing both expansion capital and an exit route for early investors.

The company, which recently raised $210 million, saw its valuation double to $2.8 billion. According to insiders, the IPO could value Physics Wallah between $4 billion and $5 billion, a remarkable jump in a short time.

The firm has been unique in its approach, balancing rapid growth with profitability, a feat not many edtech companies have achieved in recent times.

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The Banks Steering Physics Wallah’s IPO

Physics Wallah has carefully chosen four prominent investment banks to manage the IPO process:

These banks will help Physics Wallah navigate the complex financial and regulatory landscape, ensuring a smooth and successful public offering.

Physics Wallah’s Growth Story

What sets Physics Wallah apart is its strong growth trajectory. Launched by Alakh Pandey, a former teacher turned entrepreneur, the platform has grown into an edtech powerhouse with over 5.5 million paid students and 46 million YouTube followers. The company operates in over 105 locations, with a hybrid model that combines online learning with physical centres.

Profitability and Financial Strategy

Unlike many edtech players, Physics Wallah has demonstrated impressive profitability. The company expects FY25 to be its most profitable year yet, driven by its balanced online and offline offerings.

The company projected ₹2,400 crore in revenue for FY24, marking a 2.5x growth over the previous year. Even its offline operations, which required significant capital expenditure, are expected to contribute significantly to profitability in the near future.

This focus on profitability sets Physics Wallah apart from its competitors, many of which have struggled to maintain financial stability while scaling up.

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What’s Next for Physics Wallah?

As the company prepares for its IPO, the founders have been clear about their cautious approach to capital deployment. Despite raising $210 million, the company has not actively sought additional funding. Instead, it aims to leverage its ₹1,200 crore reserves for organic growth.

With its disciplined financial management and strong market position, Physics Wallah is poised to become India’s first publicly listed edtech unicorn. Its IPO will not only be a landmark event for the company but also a significant moment for the Indian edtech sector.

Final Thoughts

Physics Wallah’s journey to an IPO reflects its ambitious goals and disciplined financial approach. With a rapidly growing user base and profitability in sight, the company is set to make waves in India’s public markets. Whether you’re an investor or an edtech enthusiast, Physics Wallah’s IPO is one to watch in 2025. Stay tuned for more updates as the company gears up for what could be one of the most exciting public offerings in India’s tech space.