Knowledge Realty Trust Gets SEBI Approval for ₹4,800 Crore REIT IPO...
28 Jul, 2025
PhysicsWallah is India's fastest-growing educational technology platform, has officially received approval from the SEBI (Securities and Exchange Board of India) to launch its highly anticipated IPO and become the first edtech unicorn company that will be listed on the stock exchange. This landmark listing grabs the attention of various investors, students, as well as several industry stakeholders. The company also completed the process of converting into a public entity to support its plans for institutionalising operations.
PhysicsWallah was established in 2016 by its founder, Alakh Pandey. The company initially started as a YouTube channel that makes physics content accessible and affordable for students who are getting ready for their competitive exams. The company functions on a very distinct grassroots approach that combines free and paid resources, which helped it quickly gain traction among JEE and NEET aspirants and which made PhysicsWallah a household name when thinking of online education.
Over the years, the company has shown an expansion in its services with the inclusion of a comprehensive suite of online courses, various centres of offline learning and providing material for preparation to students in grades 6–12, along with many other national-level competitive exams. The company boasts of a large user base with a record for millions of app downloads and offline centres across India, increasing its quantity about over 100, as seen in 2025.
The PhysicsWallah IPO has a plan to raise about Rs 4,600 crore by listing on the NSE and BSE platforms, making it one of the biggest debut offerings in this sector for the year 2025. The company filed its IPO following SEBI’s confidential route to help keep the company’s sensitive financial information private until the final launch of its IPO. The offer will be a combination of fresh shares, which would help in bringing new capital into the company and an Offer for Sale (OFS) component, that would allow early investors to partially exit their holdings. Kotak Mahindra Capital, Axis Capital and many such prevalent names are the lead bankers for the issue.
PhysicsWallah registered a revenue surge of 161% to Rs 1,940 crore in FY24, which implied a rise from Rs 744 crore in FY23. Although the firm’s growth was accompanied by a loss of Rs 1,130 crore in FY24, it also marked a significant rise in losses from Rs 84 crore in the previous year. The company stated that such higher losses were due to certain accounting changes, increased costs related to employee stock options (ESOPs), investments in technology and rising expenses of personnel. The financial information for FY25 has not been made available by the company yet; however, PhysicsWallah did raise $210 million in September 2024, valuing the company at $2.8 billion and is now looking forward to a successful post-IPO valuation of $5 billion.
Proceeds gained from the PhysicsWallah IPO will be utilised for the company’s multi-pronged strategy in order to grow its brand name further. Some of the main objectives of the IPO are :
The listing of PhysicsWallah IPO will mark a major turning point for the country’s ecosystem of edtech. Tapping into the public market can help PhysicsWallah seek not just capital, but also the validation of the company’s business model, as it plans to move forward sustainably during fierce competition, along with the changing dynamics of the market. The successful listing of the PhysicsWallah IPO could help in setting the tone for future listings in the edtech sector, bringing in a new era for tech-driven educational businesses in India.
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