Physics Wallah to Launch ₹4,600 Crore IPO, Files DRHP with SEBI

India’s leading edtech startup, Physics Wallah (PW), has confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company plans to raise ₹4,600 crore through its Initial Public Offering (IPO).

IPO Details: Fundraising & Valuation

• The IPO will consist of a mix of fresh issue and offer for sale (OFS).
• According to Tracxn data, PW’s estimated valuation stands at ₹32,000 crore.
• Previously, the company raised ₹2,700 crore in two funding rounds:
  • ₹882 crore in June 2022
  • ₹1,817 crore in September 2024 at a valuation of ₹24,224 crore

Physics Wallah’s Key Investors

The company has eight institutional investors, including:

• WestBridge Capital (largest investor)
• Hornbill Capital
• Lightspeed Venture Partners

Additionally, Rajat Pandey is the sole angel investor in the company.

Founders’ Stake in the Company

• Alakh Pandey and Prateek Maheshwari, the founders of Physics Wallah, collectively hold a 77.40% stake in the company.
• Institutional funds control 20.47% of the shares.

Decline in Workforce & Strategic Acquisitions

• As of January 2025, Physics Wallah employed 11,321 people, a 36.9% decline from the previous year.
• The company expanded through six acquisitions, including Xylem Learning and Knowledge Planet in 2023.

Why Was the DRHP Filed Confidentially?

In November 2022, SEBI introduced a confidential filing option, allowing companies to privately submit IPO documents before announcing their listing plans.

This approach protects sensitive business information from competitors until the company officially declares its public listing.

The Journey of Physics Wallah

Founded in 2016 by Alakh Pandey, Physics Wallah started as a YouTube channel. In its first year, it gained only 4,000 subscribers. However, Alakh’s unique and engaging teaching methods helped the channel explode in popularity, now boasting over 7 million subscribers.

Nationwide Expansion & Growth

• 85+ cities across India have Physics Wallah coaching centers.
• More than 3.5 million students have enrolled in its programs.
• The platform has over 7.8 million YouTube subscribers.

From YouTube to a Full-Fledged EdTech Platform

In 2018, with the rise of 4G and digital education, Physics Wallah shifted to online learning, offering free content on YouTube.

• Alakh Pandey’s first YouTube earnings: ₹8,000
• Channel growth:
  • 2018: 50,000 subscribers
  • 2019: 2 million subscribers

Physics Wallah App Launch in 2020

With the COVID-19 pandemic, demand for online education surged. On May 18, 2020, Physics Wallah launched its official app, offering comprehensive JEE and NEET preparation courses.

Alakh Pandey’s commitment to affordable education turned Physics Wallah into one of India’s top edtech brands, now preparing to enter the stock market with its massive IPO.