PhysicsWallah to Back Offline Push with ₹460 Cr From IPO Proceeds

As PhysicsWallah is all set to launch its IPO (initial public offering) on Indian stock exchanges, the edtech unicorn has planned to invest ₹460.55 crore in offline and hybrid centers across India from the total fundraise, as per details mentioned in DRHP.

The start-up will hit the capital markets with a fresh equity issue of ₹3,100 crore and an offer for sale (OFS) of ₹720 crore.

Of total funds allocated for offline expansion, PW will use ₹234.37 for Vidyapeeth centers that focus on JEE, NEET, and foundation courses, the filing read.

The remaining ₹49.89 crores will be kept aside for hybrid Pathshala centers, where students attend live-streamed online classes with on-site faculty support and ₹176.29 crores towards "Other Centers," which will cater to diverse segments including defence, chartered accountancy, government exams, and vocational skills.

All new centers will operate on a leasehold basis, with the company yet to finalise exact locations. However, potential expansion into tier-2 and tier-3 cities such as Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat, and Chennai has been indicated in the DRHP. PhysicsWallah claims to produce 9,500 hours of educational content every week with a student base across 18,808 pin codes, accounting for almost 98% of pin codes in India.

Currently, it has 198 offline centres across 109 cities in India and the Middle East, under three formats including PW Vidyapeeth, PW Pathshala and PW Other Centers. The edtech’s offline footprint grew at a staggering CAGR of 165.9% between FY23 and FY25.

The fundraising will also allow PhysicsWallah to strengthen its brand presence in cities where it already operates, while broadening course offerings across offline channels.

A few days ago, the edtech has filed its updated IPO papers with the Securities and Exchange Board of India (Sebi) for the public listing.

Founded in 2020, PhysicsWallah is known for providing accessible and comprehensive learning experiences to students. It has a presence spanning online, offline, and hybrid modes, reaching 98 per cent of Indian pin codes.

PhysicsWallah claims to produce 9,500 hours of educational content every week with a student base across 18,808 pin codes, accounting for almost 98% of pin codes in India.

The edtech platform has recorded a 53% jump in its revenue for the financial year 2025. It has recorded a revenue of ₹3,000 crore for FY25, up from ₹1,950 crore in FY24.