Team Startupcity

• PhysicsWallah Ltd raises $176.3 million ahead of its IPO, opening for subscription on November 11, 2025, backed by major global and domestic investors.
• The IPO aims to raise Rs 3,480 crore ($420 million) to fund offline and hybrid learning centers, infrastructure, marketing, and strategic acquisitions, with a price band of Rs 103-Rs109 per share.
• The edtech firm, known for its tech-enabled hybrid model and large digital ecosystem (99M+ subscribers), posted 161% revenue growth to Rs 1,940 crore in FY2024, reflecting strong market confidence despite widening net losses.

Indian edtech firm PhysicsWallah Ltd has mobilized $176.3 million in advance of its initial public offering, which opens for subscription on November 11, 2025. The company has secured strong backing from anchor investors, including global funds such as Sachs Capital, Franklin Templeton, Pinebridge, and Eastspring Investments, along with major domestic institutional investors like Nippon India Mutual Fund, Kotak AMC, Aditya Birla Sun Life AMC, and Tata Mutual Fund.

PhysicsWallah's IPO aims to raise Rs 3,480 crore ($420 million) by issuing fresh shares and offering shares on sale by promoters Alakh Pandey and Prateek Maheshwari. The price band of its IPO has been fixed between ₹103-₹109 per share, with one lot comprising 137 shares. The fresh issue will raise approximately ₹3,100 crore to be used towards funding growth initiatives: opening offline and hybrid learning centers, infrastructural investments, marketing activities, and strategic acquisitions.

It offers a tech-enabled hybrid learning model consisting of online video lectures, test preparation for competitive exams such as JEE and NEET, and offline coaching centers. It has created a digital ecosystem including a flagship YouTube channel with more than 13.7 million subscribers and a larger ecosystem of close to 99 million subscribers as of mid-2025.

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PhysicsWallah saw a 161% jump in revenue to Rs 1,940 crore in FY2024, making it among the top five edtech companies in the country by revenue. However, its net loss has widened as the company invested heavily in technology, marketing, and employee stock options, something analysts said is usual in growth-stage edtech firms.

This indicates an enterprise value-to-sales of around 9.7x post-issue for the IPO, reflecting investor confidence in PhysicsWallah's scale, hybrid business model, and brand strength. Market consensus is cautiously optimistic, noting the firm's disruptive approach to affordable education, with its potential to lead India's booming edtech sector.

The IPO allotment for PhysicsWallah will be finalized on November 14, 2025, and the firm will be listed on the NSE and BSE by November 18, 2025. This becomes another big milestone for India's booming edtech.