Edtech unicorn PhysicsWallah, which remains bullish on the online medium of education, is also betting big on its offline expansion by opening new learning centres in cities where demand is high, its co-founder and CEO Alakh Pandey said.
The company plans to set up centres in several new locations, including Muzaffarpur (Bihar), Dhanbad (Jharkhand), Akola and Latur (Maharashtra), Rajkot (Gujarat), Ujjain (Madhya Pradesh), Bhatinda (Punjab), Jorhat (Assam), and Chennai (Tamil Nadu), according to the draft papers.
Explaining the strategy, Pandey said the company is following a hyperlocal approach, setting up city-level hubs and learning centres in regions where it currently lacks a direct presence.
This move will allow students to access PhysicsWallah's services in their own hometowns, reducing the need to migrate to larger cities for quality coaching, he added.
As of June 30, 2025, the company operated 303 offline centres across 152 cities in India and the Middle East, up from 182 centres a year earlier.
Despite the offline expansion, Pandey, in an interview with PTI, emphasised that he remains "very bullish on the online medium" and continues to be a "big believer in online education".
PhysicsWallah, known for its test preparation courses for competitive exams, such as JEE, NEET, GATE, and UPSC, is also diversifying into new segments by launching courses for classes 6-8 and 9-10, he noted.
The company's growth push comes as it prepares to launch its ₹3,480-crore initial public offering (IPO), opening on November 11. The firm has fixed a price band of ₹103 to ₹109 per share, targeting a valuation of over ₹31,500 crore at the upper end.
The IPO includes a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore by promoters Alakh Pandey and Prateek Boob.
Together, the promoters currently hold 80.62% of the company, which will reduce to 72% post-IPO. Notably, none of the early investors will sell their stakes in this offering. The issue will close on November 13, with anchor investor allocation scheduled for November 10.
According to Pandey, the IPO proceeds will be used to fund expansion and growth initiatives.
Reflecting on India's education system, he said, "I am part of the system. So, I cannot complain about it. After the Government of India, I am teaching the maximum number of students".
In FY25, PhysicsWallah enrolled 45 lakh students, up from 30 lakh in the previous year.
Beyond test preparation, the company offers upskilling programmes through its online platforms (YouTube, website, and apps), tech-enabled offline centres, and hybrid learning hubs that blend digital and in-person teaching.
The company's online footprint remains strong. Its main YouTube channel, Physics Wallah- Alakh Pandey, had about 13.7 million subscribers as of July 15, 2025, while its broader YouTube network reached 98.8 million subscribers by June 30, 2025, growing at a CAGR of 41.8% between FY23 and FY25.
Backed by WestBridge Capital, Hornbill, and GSV Ventures, PhysicsWallah also managed to narrow its losses to ₹243 crore in FY25 from ₹1,131 crore in the previous year, as revenue climbed to ₹2,887 crore from ₹1,941 crore.
In a competitive edtech landscape, PhysicsWallah has held its ground even as peers like Byju's, once valued at USD 22 billion, struggled.
Pandey attributed this resilience to the company's affordable pricing and measured marketing approach, noting that while other edtechs charged significantly high prices for their courses, PhysicsWallah's offerings average around ₹4,000 for competitive courses.
Discussing future plans, Pandey revealed that AI is playing a key role in improving learning efficiency.
"We are using AI to solve 80-85% of students' doubts quickly and accurately," he said.
Looking ahead, Pandey summarised the company's vision: "Wherever there is an internet connection and a student, PhysicsWallah should have a presence".
