PhysicsWallah’s ₹3,820 cr updated IPO draft filed; Alakh Pandey, Prateek Maheshwari dilute stake

Edtech unicorn PhysicsWallah (PW) has filed papers with Sebi for a ₹3,820 crore IPO, setting the stage to become the first Indian edtech company to hit public markets in the post-Byju’s reset era.

The Noida-based startup plans to raise ₹3,100 crore via fresh issue and an additional sum through an offer-for-sale by cofounders Alakh Pandey and Prateek Maheshwari, each offloading shares worth ₹3,600 crore.

Started in 2016 as a YouTube channel and incorporated in 2020, PW has grown into a full-stack platform with online classes, offline centers, test-prep services, and skilling programs. Its growth trajectory has been sharp:

• Operating revenue rose at a 97% CAGR between FY23–FY25.
• Offline centers expanded at a 166% CAGR in the same period.
• Unique transacting online users grew at a 56.8% CAGR between FY23–FY25.

Acquisitions, including Utkarsh Classes and Xylem Learning, have strengthened its test-prep dominance.

The IPO will also see founders diluting part of their stakes, with the cost of acquisition negligible thanks to earlier stock splits and bonus issues.

For the edtech industry, the listing is momentous. PW will be the first player to test public markets after years of turbulence — notably the decline of Byju’s, once India’s most valued edtech.

If successful, the issue could set the tone for investor appetite in an industry still navigating regulatory challenges, offline competition, and profitability pressures.