- Alakh Pandey’s “garage startup” from Prayagraj transforms into a ₹31,000-crore education powerhouse reaching deep into Bharat’s classrooms
- Co-founder Prateek Maheshwari: “Affordability is our choice, but quality is our commitment. That’s what keeps learners coming back.”
- IPO opens on Tuesday, November 11, closes on Thursday, November 13; funds to expand hybrid centres, AI tools and OTT platform ‘Pi’ for distraction-free learning
- The Anchor Investor Bidding Date is one working day prior to bid/offer opening date, being Monday, 10th November 2025.
- Bids can be made for a minimum of 137 Equity Shares and in multiples thereof
NE BUSINESS BUREAU
AHMEDABAD, NOV 7
In a landmark moment for India’s booming edtech sector, PhysicsWallah (PW) — once a humble YouTube channel run by Prayagraj-born Alakh Pandey — has on Thursday announced its ₹3,480-crore Initial Public Offering (IPO). The IPO opens on Tuesday, November 11, closes on Thursday, November 13
The move marks the first major public listing by a new-age Indian education technology unicorn founded by a teacher rather than a venture capitalist.
The IPO will comprise a fresh issue of ₹3,100 crore and an offer for sale worth ₹380 crore, with a price band of ₹103–₹109 per share. At the upper end, PW is valued at ₹31,170 crore, a milestone that cements its transformation from a single-teacher initiative in 2014 to a multi-format education empire spanning 200 offline centres and 200+ YouTube channels.
The offer includes a discount of Rs. 10 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
Bids can be made for a minimum of 137 Equity Shares and in multiples of 137 Equity Shares thereafter.
From Chalkboard to Cloud: The PhysicsWallah Journey
Starting with free online tutorials for IIT-JEE and NEET aspirants who couldn’t afford expensive coaching, Pandey’s channel soon became a digital revolution. In 2020, the company launched its own app, followed by rapid diversification into competitive exams, upskilling, and school education.
Today, the PhysicsWallah app has 65 million downloads, of which 4.46 million are paid users — a 59% CAGR between FY23 and FY25. Its 207 YouTube channels boast nearly 99 million subscribers, growing 42% annually.
In FY25, PW clocked ₹2,886 crore in revenue, up from ₹1,940 crore in FY24, while losses narrowed to ₹243 crore from ₹1,131 crore.
“Affordability is a choice, of course, it’s a catalyst in our journey. But quality and results drive word of mouth — students stay because they find value in the teaching, not because it’s cheap,” said Prateek Maheshwari, Co-founder, who joined in 2020 and led PW’s tech expansion.
Innovating Learning: OTT Platform, AI Tutors and Offline Reach
The edtech giant recently unveiled its OTT learning platform ‘Pi’, offering an ad-free, affordable subscription model priced at ₹300 per month.
PW’s new AI-driven learning suite includes personalised tutors, adaptive testing, and cloud-powered analytics, designed to improve student engagement and performance. The fresh IPO proceeds will go toward expanding hybrid centres, AI-driven products, inorganic growth, and cloud infrastructure.
Empowering Bharat: Education Beyond Metros
PW’s low-cost, high-impact approach has bridged the urban-rural learning gap. With over 200 Vidyapeeths (offline centres) and a strong presence across Tier-II and Tier-III cities, it has brought structured education to places long underserved by premium coaching networks.
From Teacher to Tycoon
At the upper price band, both co-founders — Pandey and Maheshwari — will each hold around 40% stake, valued at ₹11,458 crore each, placing them firmly among India’s new-generation billionaires.
With India’s edtech market projected to touch $29 billion by 2030, PhysicsWallah’s listing may well define the next chapter of inclusive, technology-powered learning in the world’s largest education ecosystem.
Listing & BRLMs
The shares will be listed on both BSE and NSE.
Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited and Axis Capital Limited are the bankers to the issue.
