• PhysicsWallah has confidentially filed draft IPO papers with SEBI to raise ₹4,600 crore, potentially making it the first Indian edtech firm to list.
  • The IPO will include a fresh issue of shares and an offer for sale, with the company targeting a valuation higher than its last $2.8 billion round.

Indian leading edtech startup, PhysicsWallah, has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise ₹4,600 crore, according to multiple sources familiar with the matter.

If successful, it could become the first Indian edtech firm to list on the domestic stock exchange.

The company has chosen SEBI’s confidential pre-filing route, a method increasingly used by firms across industries. This allows companies to assess market conditions and make adjustments before disclosing key financial details publicly.

PhysicsWallah joins a list of Indian firms, including Tata Play, Swiggy, and Oyo, that have opted for this approach.

A source familiar with the matter stated:

“The draft documents have been filed with SEBI post the nod from the company's board. The confidential pre-filing route is increasingly being used by issuers across sectors now.”

The IPO is expected to include both a fresh issue of shares and an offer for sale (OFS) by existing investors. PhysicsWallah is backed by investors such as WestBridge Capital, GSV Ventures, Lightspeed Venture Partners, and Hornbill Capital.

PhysicsWallah is reportedly targeting a valuation significantly higher than its last round, which valued it at $2.8 billion.

This follows a recent $210 million funding round in September 2024, led by Hornbill Capital with participation from existing investors.

Despite challenges in the Indian edtech sector, PhysicsWallah has continued to expand. The company has over 5.5 million paid students, 46 million YouTube subscribers, and operates in more than 105 cities with 200,000 students enrolled in offline centers.

In an interview with Moneycontrol, PhysicsWallah co-founders Alakh Pandey and Prateek Maheshwari said the company did not actively seek investors for its latest funding round but attracted inbound interest.

“We are sitting on a ₹1,200-crore treasury, and for innovation or building from the ground up, we need capital,” they stated.

The company has projected ₹2,400 crore in revenue for FY24 and expects FY25 to be its strongest in terms of EBITDA, with offline centers—previously requiring high capital expenditure—now contributing to profitability.

PhysicsWallah’s IPO plans emerge as other edtech firms like UpGrad and Vedantu explore public listings, amid uncertainty over Byju’s subsidiary Aakash Education Services' IPO.

Edited by Harshajit Sarmah