PhysicsWallah Plans INR 460.55 Cr Investment in Offline and Hybrid Centers Ahead of IPO PhysicsWallah aims to invest INR 234.37 crore in Vidyapeeth, INR 49.89 crore in Pathshala, and INR 176.29 crore in Other Centers, targeting JEE, NEET, defence, government, and vocational courses.
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Edtech unicorn PhysicsWallah is preparing for its initial public offering by allocating INR 460.55 crore to expand its offline and hybrid learning infrastructure across India.
The move comes as the company files for a public issue of fresh equity worth INR 3,100 crore along with an offer for sale of INR 720 crore.
As of March 31, 2025, the company operated 198 centers in 109 cities in India and the Middle East under three formats: PW Vidyapeeth, PW Pathshala, and PW Other Centers. The expansion marks a decisive shift from its origins as a digital-only learning platform. Between FY23 and FY25, PhysicsWallah recorded a compound annual growth rate of 165.9 percent in its offline operations, reflecting its ambition to capture both online and physical markets.
According to the draft prospectus, INR 234.37 crore of the proceeds will fund Vidyapeeth centers focused on JEE, NEET, and foundation courses. Another INR 49.89 crore will support Pathshala centers, where students attend live-streamed lectures supplemented by local faculty. The remaining INR 176.29 crore will go toward Other Centers, which will serve students preparing for defence, government jobs, accounting, and vocational exams.
The new facilities will operate on a leasehold basis. While exact locations have not been finalized, potential cities include Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat, and Chennai. Expansion decisions will depend on demographic demand, lease costs, and other local conditions.
The company's strategy is guided by insights from its large online student base. By analysing engagement patterns, PhysicsWallah identifies demand clusters before choosing between Vidyapeeth, Pathshala, or specialised centers. This hub-and-spoke approach is aimed at improving access to quality coaching in smaller cities while reducing the need for students to relocate to larger hubs.
Industry analysts note that offline centers provide more predictable revenue than online offerings, where competition and price sensitivity remain high. The hybrid Pathshala model, which blends live-streamed delivery with on-site support, is expected to make inroads into tier-III towns by offering affordable and personalised instruction.
With nearly 200 centers already operational, PhysicsWallah's plan signals how digital-first firms are embracing physical infrastructure to build sustainable models in India's education sector.
