PhysicsWallah receives SEBI nod for IPO

Edtech unicorn PhysicsWallah (PW) has got SEBI’s approval for its IPO just four months after submitting its draft papers through the confidential pre-filing process.

According to SEBI’s latest update, PhysicsWallah received the regulator’s go-ahead for its IPO on July 18. In SEBI terms, this means the IPO is approved.

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The draft prospectus (DRHP) hasn’t been made public yet. Earlier reports suggest the IPO may be worth around Rs 4,600 Cr ($531 Mn), mainly through an offer for sale (OFS). The company is expected to be valued at $3.7 billion.

PhysicsWallah, backed by investors like Lightspeed, WestBridge, Hornbill Capital, and GSV Ventures, is valued at around $2.8 billion and is set to become the first edtech unicorn to go public in India.

To prepare for the IPO, the company added three independent directors in March and recently appointed Satish Sharma as its Chief Marketing Officer to strengthen its brand and growth plans.

Earlier this year, it also converted into a public company—a key step for getting listed on Indian stock exchanges—as part of its efforts to streamline operations and meet public market standards.

PhysicsWallah hasn’t filed its FY25 financials yet, but in FY24, it reported Rs 1,940.4 crore in revenue with a loss of Rs 375 crore. The company is heavily investing in offline operations and expects over Rs 1,000 crore in revenue from this segment. It also plans to expand by opening more centres in current and new cities.

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