PhysicsWallah, the Alakh Pandey-led edtech unicorn, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), positioning it as the first Indian edtech unicorn to go public.
The regulatory nod comes after the company’s confidential draft filing with SEBI in March 2025, and signals a key milestone in India’s evolving education technology landscape. The IPO, expected to raise around ₹4,600 crore, will include a combination of primary issuance and an offer-for-sale (OFS) from existing investors.
Backed by prominent names such as Lightspeed Venture Partners, WestBridge Capital, Hornbill Capital, and GSV Ventures, PhysicsWallah currently holds an estimated valuation of $2.8 billion (approx. ₹40,000 crore).
Governance Strengthened Ahead of Listing
In the lead-up to its public listing, the company has made notable changes to comply with public company norms. It recently converted into a public limited company and appointed three independent directors to its board. In June, it also onboarded Satish Sharma as Chief Marketing Officer, with a focus on brand expansion and positioning.
Founded by Alakh Pandey, PhysicsWallah carved its niche by offering affordable K-12 and test preparation content through a hybrid model combining digital platforms and a growing network of offline learning centers.
Offline Push and Financial Performance
While many edtech firms have scaled back amid declining investor sentiment and the normalization of hybrid learning, PhysicsWallah has ramped up its offline footprint. The company expects to generate over ₹1,000 crore in revenue from its physical centers alone and has plans to expand into new cities across India.
Though the FY25 financials are yet to be disclosed, the company reported ₹1,940.4 crore in revenue in FY24. However, its net loss stood at ₹1,131 crore, largely due to a non-cash fair value charge on compulsorily convertible preference shares (CCPS). Adjusted for this one-time expense, the company’s net loss was ₹375 crore.
As PhysicsWallah prepares to enter the capital markets, its IPO will be closely watched as a bellwether for the broader Indian edtech sector, which continues to search for sustainable growth amid shifting learning models and investor priorities.
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