India edtech firm PhysicsWallah raises $176.3m ahead of IPO
- ByStartupStory | November 11, 2025
Indian edtech firm PhysicsWallah Ltd has raised $176.3 million ahead of its initial public offering (IPO), which opens for subscription on November 11, 2025. The company has secured strong backing from anchor investors including global funds such as Sachs Capital, Franklin Templeton, Pinebridge, and Eastspring Investments, along with major domestic institutional investors like Nippon India Mutual Fund, Kotak AMC, Aditya Birla Sun Life AMC, and Tata Mutual Fund.
PhysicsWallah’s IPO aims to raise ₹3,480 crore (approximately $420 million) through a combination of a fresh issue of shares and an offer for sale by promoters Alakh Pandey and Prateek Maheshwari. The IPO price band is set between ₹103 and ₹109 per share, with a lot size of 137 shares. The fresh issue will contribute around ₹3,100 crore to fund the company’s growth initiatives, including expansion of offline and hybrid learning centers, infrastructure investments, marketing activities, and strategic acquisitions.
The company offers a tech-enabled hybrid learning model combining online video lectures, test preparations for competitive exams like JEE and NEET, and offline coaching centers. It has built a digital ecosystem with a flagship YouTube channel boasting over 13.7 million subscribers and a broader ecosystem reaching around 99 million subscribers as of mid-2025.
PhysicsWallah reported an impressive revenue surge of 161% in fiscal year 2024, reaching ₹1,940 crore, making it one of India’s top five edtech companies by revenue. However, the company’s net loss widened due to increased investments in technology, marketing, and employee stock options, which analysts believe is typical for growth-stage edtech firms.
The IPO is positioned at an enterprise value-to-sales ratio of around 9.7x post-issue, reflecting investor confidence in PhysicsWallah’s scale, hybrid business model, and brand strength. Market consensus is cautiously optimistic, noting the firm’s disruptive approach to affordable education and its potential to lead India’s growing edtech sector.
PhysicsWallah’s IPO allotment is expected to be finalized by November 14, with listing scheduled on the NSE and BSE by November 18, 2025. The firm’s successful fundraise and public listing mark a significant milestone in India’s booming edtech landscape.
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