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08 Aug, 2025
Following a recent $210 million Series B funding round, edtech unicorn Physics Wallah is preparing for an initial public offering (IPO) next year. According to Moneycontrol, the edtech giant will meet with investment bankers next week to discuss the potential IPO in 2025.
Insiders indicate that request for proposals (RFPs) have been sent to at least 10 investment banks for IPO pitches scheduled for next week. While a final decision is pending, the intent to go public is clear. Another source mentioned that Physics Wallah aims for a valuation above $2.8 billion, consistent with its latest fundraising valuation.
Physics Wallah has yet to comment on these IPO plans. If successful, it would be the first edtech company in its sector to list on stock exchanges. Last Friday (September 20), the company announced securing $210 million in its Series B funding round, led by Hornbill Capital with Lightspeed Venture Partners, GSV Ventures, and existing investor WestBridge Capital participating.
Founded in 2020 by Alakh Pandey and Prateek Maheshwari, Physics Wallah operates tech-enabled offline and hybrid education centers for K-12 students in over 105 Indian cities. The company also has test preparation verticals for competitive exams, along with divisions for skills development and overseas education.
Physics Wallah joined the unicorn club in 2022, raising $100 million from WestBridge and GSV at a valuation of $1.1 billion. It competes with other major edtech players like BYJU’S, Unacademy, and Vedantu.
Despite the competitive landscape, Physics Wallah's financial performance has been mixed. In FY23, its net profit dropped 90% year-on-year to INR 8.9 crore, while operating revenue increased by 234% year-on-year to INR 779.3 crore. Co-founder and CEO Prateek Maheshwari told Inc42 that the startup generated INR 1,975 crore in revenue in FY24.
These developments come during a challenging period for the Indian edtech sector. The sector, which saw rapid growth during the pandemic, has faced significant challenges with schools reopening, prompting many companies to explore offline models. The difficulties were compounded by a funding crunch, with many edtechs struggling with mounting losses. Some major players, including BYJU’S and Unacademy, have even resorted to mass layoffs due to failed acquisitions and shrinking cash reserves.
Physics Wallah’s IPO plans are part of a broader trend among Indian startups. This year, 10 new-age tech companies have gone public on Indian stock exchanges, with many others considering market debuts due to favorable conditions and increased investor interest in startup IPOs.
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