Following its recent $210 million Series B funding round, edtech unicorn Physics Wallah is reportedly gearing up to go public next year. According to a report by Moneycontrol, the edtech giant is preparing to meet with investment bankers next week to discuss a potential initial public offering (IPO) in 2025.
Sources indicate that “RFPs (request for proposals) have been sent to at least 10 investment banks, inviting them to make IPO pitches which are scheduled for the coming week. These are early days and no final call has been taken, but the intent to list is there,” according to one insider.
Another source revealed that Physics Wallah is expected to “aggressively pursue” its listing ambitions, aiming for a valuation above $2.8 billion, matching its most recent fundraising valuation.
Physics Wallah has yet to comment on the IPO plans, but the edtech company would become the first in its sector to list on stock exchanges if these plans proceed successfully. Last Friday (September 20), the company announced it had secured $210 million in its Series B funding round, led by Hornbill Capital with participation from Lightspeed Venture Partners, GSV Ventures, and existing investor WestBridge Capital.
Founded in 2020 by Alakh Pandey and Prateek Maheshwari, Physics Wallah runs tech-enabled offline and hybrid education centers for K-12 students in over 105 cities across India. In addition to its core offerings, the company also operates test preparation verticals for various competitive exams, along with divisions focusing on skills development and overseas education.
Physics Wallah joined the unicorn club in 2022, raising $100 million from WestBridge and GSV at a valuation of $1.1 billion. It competes with other prominent edtech players like BYJU’S, Unacademy, and Vedantu.
Despite the competitive landscape, Physics Wallah’s financial performance has been mixed. In FY23, its net profit saw a dramatic 90% year-on-year decline to INR 8.9 crore, while operating revenue surged by 234% year-on-year to INR 779.3 crore. Co-founder and CEO Prateek Maheshwari told Inc42 that the startup generated INR 1,975 crore in revenue in FY24.
These developments come during a turbulent period for the Indian edtech sector. The sector, which experienced rapid growth during the pandemic, has faced significant challenges with the reopening of schools, forcing many companies to explore offline models. The difficulties were compounded by a funding crunch, leaving many edtechs struggling with mounting losses. Some major players, including BYJU’S and Unacademy, have even resorted to mass layoffs over the past two years due to failed acquisitions and shrinking cash reserves.
Physics Wallah’s decision to pursue an IPO is also part of a larger trend among Indian startups. So far this year, 10 new-age tech companies have gone public on Indian stock exchanges, and many others are considering their market debuts, driven by favorable market conditions and increased investor interest in startup IPOs.
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