IPO-bound PhysicsWallah to invest Rs 461 crore in offline, hybrid centers
As of March 31, 2025, PhysicsWallah operated 198 offline centers across 109 cities in India and the Middle East, under the three formats of PW Vidyapeeth, PW Pathshala and PW Other Centers.
- Sep 25, 2025,
- Updated Sep 25, 2025 3:54 PM IST
Edtech unicorn PhysicsWallah (PW) is expanding its offline presence as it prepares to enter the capital markets with a fresh equity issue of Rs 3,100 crore and an offer for sale (OFS) of Rs 720 crore. The company has earmarked Rs 460.55 crore from the issue proceeds to establish new offline and hybrid centers across India.
According to its draft red herring prospectus (DRHP), Rs 234.37 crore will be allocated to Vidyapeeth centers that offer JEE, NEET and foundation courses, while Rs 49.89 crore will be deployed in hybrid Pathshala centers, where students attend live-streamed online classes with support from on-site faculty.
A further Rs 176.29 crore is marked for "Other Centers," which will focus on defence, chartered accountancy, government exams and vocational skills.
As of March 31, 2025, PhysicsWallah operated 198 offline centers across 109 cities in India and the Middle East, under the three formats of PW Vidyapeeth, PW Pathshala and PW Other Centers.
The company's offline expansion has grown at a compound annual growth rate (CAGR) of 165.9% between FY23 and FY25, transitioning from a purely digital model to a broader hybrid approach.
All upcoming centers will operate on a leasehold basis. While the company has not finalised locations, the DRHP mentions potential expansion into tier-2 and tier-3 cities, including Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat and Chennai. Although, the final choice of cities will depend on demographic demand, lease economics and prevailing business conditions.
PW's strategy is guided by data from its online student community, which helps identify demand clusters before setting up offline centers. This hub-and-spoke approach is aimed at increasing accessibility to quality coaching and reducing migration to larger cities.
The funds raised will also strengthen PW's brand presence in existing locations while widening course offerings. With a focus on segments such as defence, accounting and government exams, the company is diversifying beyond engineering and medical entrance preparation.
Edtech unicorn PhysicsWallah (PW) is expanding its offline presence as it prepares to enter the capital markets with a fresh equity issue of Rs 3,100 crore and an offer for sale (OFS) of Rs 720 crore. The company has earmarked Rs 460.55 crore from the issue proceeds to establish new offline and hybrid centers across India.
According to its draft red herring prospectus (DRHP), Rs 234.37 crore will be allocated to Vidyapeeth centers that offer JEE, NEET and foundation courses, while Rs 49.89 crore will be deployed in hybrid Pathshala centers, where students attend live-streamed online classes with support from on-site faculty.
A further Rs 176.29 crore is marked for "Other Centers," which will focus on defence, chartered accountancy, government exams and vocational skills.
As of March 31, 2025, PhysicsWallah operated 198 offline centers across 109 cities in India and the Middle East, under the three formats of PW Vidyapeeth, PW Pathshala and PW Other Centers.
The company's offline expansion has grown at a compound annual growth rate (CAGR) of 165.9% between FY23 and FY25, transitioning from a purely digital model to a broader hybrid approach.
All upcoming centers will operate on a leasehold basis. While the company has not finalised locations, the DRHP mentions potential expansion into tier-2 and tier-3 cities, including Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat and Chennai. Although, the final choice of cities will depend on demographic demand, lease economics and prevailing business conditions.
PW's strategy is guided by data from its online student community, which helps identify demand clusters before setting up offline centers. This hub-and-spoke approach is aimed at increasing accessibility to quality coaching and reducing migration to larger cities.
The funds raised will also strengthen PW's brand presence in existing locations while widening course offerings. With a focus on segments such as defence, accounting and government exams, the company is diversifying beyond engineering and medical entrance preparation.