Edtech giant PhysicsWallah, a leader in India’s burgeoning education technology sector, is gearing up for its Initial Public Offering (IPO) in 2025. The company has officially transitioned from a private to a public entity, changing its name from PhysicsWallah Private Limited to PhysicsWallah Limited, as per a recent regulatory filing.
Board approves key transition
PhysicsWallah’s board of directors recently approved a resolution to rename the company from “PhysicsWallah Private Limited” to “PhysicsWallah Limited,” marking a key step toward its IPO debut. The change involves removing the word “Private” from its name and amending the name clause in the Memorandum of Association, reflecting its transition to a public entity.
This transformation marks a significant milestone as PhysicsWallah prepares to list its equity shares on one or more stock exchanges.
Massive growth and funding milestones
Founded in 2020 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah quickly emerged as one of India’s most prominent edtech players. The company raised $210 million in its Series B funding round in September 2024, led by Hornbill Capital, achieving a valuation of $2.8 billion. Other key investors, including Lightspeed Venture Partners, GSV Venture, and WestBridge Capital, also participated in the funding round.
Earlier in 2022, PhysicsWallah became a unicorn after raising $100 million from Westbridge and GSV Ventures at a valuation of $1.1 billion.
Expanding horizons
PhysicsWallah has diversified its portfolio significantly since its inception. The company operates over 112 YouTube channels in five regional languages, providing free education to more than 46 million students. Additionally, it has established offline and hybrid centers in over 105 cities, launched two Gurukulam Schools, and expanded into test preparation, skilling, higher education, and study-abroad verticals.
Financial performance
Despite its rapid expansion, PhysicsWallah reported a net loss of INR 1,131.2 crore in FY24, compared to INR 84.06 crore in FY23. However, operating revenue soared 2.6x to INR 1,940.4 crore in FY24 from INR 744.3 crore in the previous year, highlighting the company’s growing market footprint.
Path to IPO
The company has enlisted prominent bankers, including Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan, for its planned IPO. Reports suggest the IPO aims to raise $400 million to $500 million.
Driving India’s edtech growth
PhysicsWallah’s evolution reflects the dynamic growth of India’s edtech industry. By offering innovative solutions, expanding access to affordable education, and breaking barriers in tier-2 and tier-3 cities, PhysicsWallah underscores India’s transformation into a global hub for educational innovation.
