PhysicsWallah's Hybrid Model Drives INR 3,000 Cr Growth Before IPO PhysicsWallah (PW) has also expanded its offerings beyond school entrance preparation to postgraduate exams, civil services coaching, and skill development programmes.
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PhysicsWallah (PW), which began as a YouTube channel, is now preparing to enter the stock market. The company has filed papers with the Securities and Exchange Board of India for an initial public offering (IPO) worth INR 3,820 crore.
In the financial year 2025, PhysicsWallah (PW) reported operating revenue of INR 2,886.6 crore, a rise of 49 percent from the previous year. It generated INR 506.9 crore in operating cash flow and earned an adjusted operating profit of INR 432 crore, with a margin of nearly 15 percent.
However, the company still posted a net loss of INR 243.7 crore in FY25. This was much smaller than the loss of INR 1,131.1 crore in FY24 but higher than the INR 84.1 crore loss in FY23. The losses were mainly due to earlier investor agreements, employee stock options, and the costs of setting up new tuition centres and hostels.
The company's revenue sources highlight its hybrid model. Online courses brought in INR 1,404.1 crore, or nearly half of the total income, while offline and hybrid centres earned INR 1,351.9 crore. The rest came from book sales, advertising, and content licensing. In FY25, about 4.13 million students paid for online courses, compared to 0.33 million who joined offline classes. While offline students were fewer, they contributed higher revenue per head but also added higher costs.
PhysicsWallah (PW) has also expanded its offerings beyond school entrance preparation to postgraduate exams, civil services coaching, and skill development programmes.
So far, PhysicsWallah (PW) has raised USD 312 million in funding. Its latest round was in September 2024, when it raised USD 210 million from investors including Hornbill Capital, Lightspeed Venture Partners, GSV Ventures, and WestBridge Capital.
Byju's, Unacademy, Vedantu, and Aakash Institute are some of the major players in the same field.
