India’s edtech unicorn PhysicsWallah has moved a step closer to the public markets, filing an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹3,820 crore through an initial public offering (IPO). The issue is structured as a ₹3,100 crore fresh equity raise alongside a ₹720 crore offer for sale (OFS) by the promoters.

What’s in the offer

• Fresh issue: ₹3,100 crore to be raised via new shares issued by the company.
• Offer for sale: Up to ₹720 crore worth of equity to be sold by the promoters.
• Promoter participation: Founders Alakh Pandey and Prateek Maheshwari will dilute a part of their holdings as part of the OFS, per the updated draft. (The filing notes dilution but does not attribute any amounts to individual founders in the OFS breakdown.)

Filing timeline and regulatory path

PhysicsWallah initially submitted draft papers in March via Sebi’s confidential pre-filing route and received regulatory approval in July. The company has now lodged an updated draft, with the UDRHP dated September 6, 2025, as reported by multiple outlets tracking the filing.

While the price band and exact schedule are to be detailed in subsequent documents, the draft indicates the fresh capital will support expansion of offline centres, technology investments, and potential acquisitions to build out the company’s learning ecosystem.

A market test for Indian edtech

The listing comes after a bruising period for India’s online education sector, where several peers pared costs and reworked business models. Against that backdrop, PhysicsWallah has reported robust growth, Reuters reporting on the draft notes a 49% rise in revenue even as the wider sector retrenched.

Business press tracking the filing has also framed the float as a bellwether moment, the first major edtech to test public markets in the post-Byju’s reset era, potentially shaping investor appetite for the category.

Founded by educator-entrepreneur Alakh Pandey, PhysicsWallah began as a YouTube channel in 2016 before being incorporated in 2020, and today operates a hybrid model across online classes, offline centres, and test-prep and skilling programmes.

At a glance: PhysicsWallah IPO

• Total issue size: ₹3,820 crore (₹3,100 crore fresh + ₹720 crore OFS)
• Status: Updated DRHP filed; initial pre-file in March, Sebi nod in July; UDRHP dated Sept 6, 2025
• Intended uses: Centre expansion, tech build-out, and potential acquisitions
• Sector lens: Revenue growth reported despite broader edtech slowdown; issue seen as a sentiment marker for the space

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