PhysicsWallah Transitions to Public Company Ahead of 2025 IPO

PhysicsWallah, the edtech major, has transitioned into a public company in preparation for its planned initial public offering (IPO) in 2025.

Earlier this month, the company’s board approved a resolution to rename it from PhysicsWallah Private Limited to PhysicsWallah Limited, officially removing the term “Private” from its name.  

In a regulatory filing, the company stated, “The board of directors…accorded approval to change the name of the company from ‘PHYSICSWALLAH PRIVATE LIMITED’ to ‘PHYSICSWALLAH LIMITED’ by deleting the word ‘Private’ before ‘Limited’…and amend the name clause of the Memorandum of Association accordingly.”  

PhysicsWallah has indicated its intention to list equity shares on “one or more stock exchanges.” Earlier this year, the company finalized Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as bankers for its proposed $400–500 million IPO in 2025.  

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In September, the edtech unicorn raised $210 million in a Series B funding round led by Hornbill Capital, achieving a valuation of $2.8 billion. Lightspeed Venture Partners, along with existing investors GSV Venture and WestBridge Capital, also participated.  

PhysicsWallah became a unicorn in 2022 after raising $100 million from WestBridge Capital and GSV Ventures at a valuation of $1.1 billion. Since then, it has diversified its portfolio, expanding into offline education and acquiring multiple companies.  

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Founded in 2020 by Alakh Pandey and Prateek Maheshwari, the company operates over 105 offline and hybrid centers across India. Its offerings include test preparation in 43 categories, two Gurukulam schools, skilling programs, and higher education and study-abroad services.  

The platform also claims to provide free education to more than 4.6 crore students through 112 YouTube channels in five vernacular languages.  

For FY24, PhysicsWallah reported a net loss of INR 1,131.2 crore, a significant increase from INR 84.06 crore in FY23. However, its operating revenue surged 2.6x, reaching INR 1,940.4 crore compared to INR 744.3 crore in the previous year.

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