IPO · Education & Skilling

PhysicsWallah raises ₹3480 crore in IPO

By Startup Enthusiast · 23 January 2026

What they do

PhysicsWallah is an online education platform offering courses for exams like JEE, NEET, and UPSC

It raised ₹3480 crore in its initial public offering and listed on the public market

The company plans to double down on southern India and faces sharper regulatory scrutiny post-IPO

PhysicsWallah raised ₹3480 crore in its initial public offering and listed on the public market.
CEO Alakh Pandey told employees to go back to work after the IPO.
CMO Satish Sharma spoke about life after the IPO.
Post-IPO, the company faces sharper regulatory and investor scrutiny.
The company's business model remains conservative by edtech standards, following the same playbook as before the IPO.
Marketing spends are lower than competitors' customer acquisition cost.
The top of the funnel is built on free teaching via hundreds of YouTube channels across subjects, exams, and languages.
Teachers who do not teach paid batches still create free content to build trust.

The edtech sector has faced turbulence from aggressive growth, loan-driven sales, and overpromising.
ASCI advertising watchdogs have intensified scrutiny of education advertising.
PhysicsWallah's conservative approach and lower marketing spend may help it navigate regulatory scrutiny.

PhysicsWallah offers courses for JEE, NEET, Class 6-12, UPSC, State PSC, Olympiad, School Boards, Govt Exams, UG/PG Entrance, Finance, PW Skills, Study Abroad, and PW Gulf.
It has 100+ Vidyapeeth and Pathshala centres in 175+ cities.
The platform provides live interactive classes, 24x7 doubt solving, test series, and notes.
Content is available in Tamil, Telugu, Kannada, Gujarati, Odia, English-only, and hybrid vernacular-English.
Southern India is a key growth region, bolstered by the Xylem acquisition.
Penetration is 45-50% of the total addressable market in some states.

PhysicsWallah plans to double down on the southern belt (Telangana, Andhra Pradesh, Tamil Nadu, Karnataka, Odisha, Maharashtra) in 2026.
The company has a phased plan to eventually gain full ownership of Xylem.