Physics Wallah enjoys a rosy IPO day, bucking the broader slowdown in Indian edtech

Physics Wallah made a striking debut on India’s public markets, closing its first day up 44% and offering a rare moment of optimism for an edtech sector that has spent years in retreat.

The stock, listed at ₹109, surged to ₹161.99 during the day and eventually settled at ₹156.49 — valuing the company at around ₹448 billion (roughly $5 billion). That figure is well above its listing valuation of ₹315 billion ($3.6 billion), and nearly double its last private valuation of $2.8 billion in late 2024.

The IPO raised ₹34.8 billion ($393 million), with ₹31 billion coming from a fresh issue and another ₹3.8 billion from co-founders Alakh Pandey and Prateek Boob, who together owned about 80% before the listing.

This strong debut marks a remarkable milestone for a company that started as a one-person YouTube channel created by Pandey in 2016. Today, Physics Wallah has built a vast digital and physical education network spanning competitive exam prep, skill development, web platforms, apps, and hundreds of offline centres.

A rare bright spot as rivals struggle

The company’s rise comes at a time when the rest of India’s edtech landscape is facing its harshest downturn in years.

Byju’s — once India’s most valuable startup at $22 billion — is tangled in governance failures, global legal battles, cash shortages, and mass layoffs. The company is now facing insolvency proceedings in both India and the United States.

Unacademy has slashed operations and staff as well, and is reportedly in early talks to be acquired by UpGrad for $300–$400 million — a dramatic fall from its $3.44 billion valuation in 2021.

Against this grim backdrop, Physics Wallah has emerged as a rare success story.

Solid financial momentum

For FY 2025, the company reported:

• ₹28.9 billion in revenue — a 49% increase year-on-year

• Net loss narrowed sharply to ₹2.4 billion, down from ₹11.31 billion last year.

• 4.5 million paying subscribers, up 23%

• Online revenue share: 48.6%

• Offlinecentrer revenue: 46.8%

What’s next for Physics Wallah

At the IPO ceremony in Mumbai, founder Alakh Pandey said the public listing was “a good milestone,” but emphasised that “the mission and vision are still far from complete.”

The company plans to use the IPO funds to:

• Expand its fast-growing network of offline centres

• Strengthen its technology and product ecosystem

• Pursue selective acquisitions

Physics Wallah has already scaled aggressively offline, operating 303 centres across 152 cities in India and the Middle East as of June 2025 — up from 182 centres the previous year.