Physics Wallah files for ₹38.20 billion IPO as Indian ed-tech market revives

Indian education technology platform Physics Wallah has filed for an initial public offering (IPO) worth ₹38.20 billion ($437 million), according to draft papers, signaling renewed momentum in the country’s listing market.

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For the financial year ending March 31, Physics Wallah’s revenue from operations surged 49% to ₹28.87 billion, while its restated loss narrowed sharply to ₹2.43 billion from ₹11.31 billion in the previous year.

The company, backed by WestBridge Capital and Hornbill Capital, aims to raise ₹31 billion through fresh share issuance, with the remainder coming from an offer-for-sale by co-founders Alakh Pandey and Prateek Boob, filings showed.

Valued at $2.8 billion in September 2023, Physics Wallah plans to channel the IPO proceeds into expanding physical coaching centers, covering rent, upgrading technology, enhancing marketing, and funding acquisitions.

The development comes as India’s ed-tech industry navigates a turbulent phase, with peers like SoftBank-backed Unacademy and Tiger Global-backed Vedantu cutting staff, while Byju’s, once valued at $22 billion, faces insolvency proceedings.

Earlier in March, reports suggested that Physics Wallah had confidentially filed draft papers to raise about ₹46 billion, though the startup has not disclosed whether it is trimming the size of its offering.

The IPO push aligns with a broader revival in India’s primary market, where companies such as Milky Mist and Urban Company have also filed for public listings in recent months.