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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Fit-outs for new offline and hybrid centres
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Lease payments for existing offline and hybrid centres
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Investment in subsidiary Xylem Learning
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Fit-outs for new Xylem offline centres
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Lease payments for existing Xylem centres and hostels
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Investment in subsidiary Utkarsh Classes
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Cloud infrastructure expenditure
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Marketing initiatives
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Acquisition of additional shareholding in Utkarsh Classes
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Inorganic acquisitions and general corporate purposes
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(₹ in Crore)
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PhysicsWallah Limited is an Indian education technology company that provides online and offline learning for students in classes 6 to 12 and for candidates preparing for competitive examinations such as JEE, NEET, and various civil-services and government-job tests. Alongside exam preparation it offers upskilling programmes in areas such as data science, finance, and software development. Its teaching reaches learners through mobile apps, its website, and social-media channels, and is delivered in several Indian languages. The business began as a YouTube teaching channel started by Alakh Pandey in 2016 and was incorporated as a company on 6 June 2020, with its headquarters in Noida, Uttar Pradesh. It has since grown into one of India's larger edtech providers by revenue. As of mid-2025 the company reported roughly 4.1 million unique paying online users and about 0.33 million students enrolled at its physical locations, supported by more than 300 offline and hybrid centres, over 6,000 faculty members, and a total workforce exceeding 18,000 people. It has published thousands of study titles and built a YouTube following of about 13.7 million subscribers. PhysicsWallah runs a hybrid model that pairs low-cost online courses with a growing network of tech-enabled offline and hybrid centres, and it has expanded through subsidiaries such as Xylem Learning and Utkarsh Classes. Its scale, affordable pricing, and strong brand recognition among exam aspirants underpin its market position, while its growth strategy centres on adding physical centres, deepening regional and vernacular reach, and broadening into skilling and test-preparation adjacencies. The company has prioritised rapid expansion over profitability and has reported net losses in its recent financial years.
PhysicsWallah raised about 1,563 crore rupees from anchor investors, who were allotted shares at the upper price of 109 rupees. The anchor book drew a mix of global and domestic institutions, including Goldman Sachs, Fidelity, Franklin Templeton, and Smallcap World Fund, alongside leading domestic mutual funds and insurers such as ICICI Prudential, Kotak, Nippon India, Aditya Birla Sun Life, Motilal Oswal, and Tata.
Source: RHP • Analysis provided for informational purposes
Last Updated: 12 July 2026, 5:30 PM
Established consumer brand
PhysicsWallah is widely recognised among exam aspirants, and its large free-content following feeds its paid courses and helps keep customer-acquisition costs low.
Hybrid online and offline reach
The company pairs affordable digital courses with a growing network of physical and hybrid centres, letting it serve students across price points and locations.
Large, diversified user base
Millions of paying online users plus a sizeable offline enrolment spread revenue across many students rather than a handful of programmes.
Vernacular and regional depth
Delivering content in several Indian languages extends the addressable market well beyond metro, English-medium learners.
History of losses
The company has reported net losses in recent years while spending heavily on expansion and marketing, and durable profitability is not yet established.
Reliance on key educators
The brand is closely tied to its founder and a small set of star teachers, so their departure could affect enrolments and retention.
Intense competition
The edtech and coaching market is crowded with online, offline, and hybrid rivals competing hard on price and content.
MUFG Intime India Private Limited
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Offline expansion risk
Scaling physical centres adds fixed costs and execution risk that can pressure margins if utilisation falls short.
Regulatory exposure
Shifts in rules on coaching, education content, and student-data handling could raise costs or constrain operations.