Mumbai-based edtech firm Imarticus Learning is gearing up to enter the public market, with plans to file its Draft Red Herring Prospectus (DRHP) in the next 4-5 months, aiming to raise INR 750 Cr through an Initial Public Offering (IPO). The offering will consist of both fresh shares and an offer-for-sale by existing shareholders. Leading investment bank IIFL has been appointed to manage the process.
Consistently Profitable Amid Edtech Turmoil
Founded in 2012 by former investment banker Nikhil Barshikar, Imarticus Learning stands out as a rare example of consistent profitability in India’s edtech sector. While the industry has seen numerous startups falter — including the dramatic collapse of BYJU’S — Imarticus has maintained a 7-8 year streak of profitability, driven by a financially disciplined, bootstrapped growth model.
In FY25, the company reported a 16% YoY increase in revenue, touching INR 205 Cr, while EBITDA doubled, signaling robust operational efficiency and scalability. The company has grown at a stable rate of 20-30% YoY in recent years, serving a learner base of approximately 40,000 annually — split across individual (B2C) learners and corporate (B2B) clients.
Sustainable Growth Through Diversification
Imarticus’s portfolio has evolved significantly since its inception. Initially focused on finance training, the company now offers programs in finance (40% of revenue), data analytics (30%), business management, human resources, and GenAI. This content expansion, coupled with strategic academic alliances, has enabled the company to build a full-stack learning path — from entry-level job seekers to C-suite executives.
Imarticus Learning currently partners with top-tier institutes such as IIT Roorkee, IIM Lucknow, ISB, and SRM Institute of Science and Technology, providing not just content, but industry-recognised certifications. Its offerings include bootcamps, certifications like ACCA, CFA, and CMA, and executive education programs — including a recently launched Master’s in FinTech.
Non-Digital CAC Strategy Disrupts Norms
In contrast to the digital-first customer acquisition strategy that dominated edtech during the pandemic, Imarticus Learning has bet on offline acquisition — with remarkable results. Nearly 50% of its revenue stems from non-digital CAC, thanks to a 200–250 member field force engaging directly with colleges and corporate parks.
This human-first approach has proven to be 40% more cost-effective than conventional digital channels like Google and Facebook ads. At a time when digital advertising costs have surged, Imarticus has preserved margins while maintaining customer quality and volume.
A Shift from Content to Credentialing
Imarticus Learning’s shift towards credentialing marks a global trend in edtech — where the focus is moving from generic content delivery to career-enabling certifications. Through its partnerships with reputed institutions and a focus on real-world applicability, the company has achieved an impressive 85% placement rate for learners, particularly through its corporate alliances.
According to Barshikar, this model ensures long-term value, as students see tangible career progress. “Whether it’s a beginner, a mid-level professional, or a CXO — our goal is to offer a product at every stage of the professional journey,” he stated.
Government Collaboration: Mission Karmayogi
In a recent high-impact collaboration, Imarticus Learning partnered with the Mumbai Police to train 40,000 personnel under the Mission Karmayogi initiative. This 11-month program focuses on people-first policing, enhancing public engagement, service delivery, and stress management through soft-skills training.
The initiative underscores Imarticus’s expanding footprint beyond the private sector and into public capacity-building, a key area of national focus.
Preparing for Public Markets
Barshikar confirmed that bankers have projected a valuation multiple of 25x–30x EBITDA, though he emphasized that his focus is on long-term value creation and strategic use of IPO funds — especially for acquisitions. “We’ve acquired four companies in the past four years. With IPO proceeds, we can scale that significantly,” he said.
Imarticus Learning is poised to become the second Indian edtech company to go public after Physics Wallah, which recently filed a confidential draft for a INR 4,500 Cr IPO. Their dual entry into the market may well signal a shift in investor sentiment — from flashy, high-burn startups to sustainably growing, profitable edtech firms.
Looking Ahead
As India’s edtech sector undergoes a much-needed course correction, Imarticus Learning’s approach — rooted in discipline, diversification, and real-world outcomes — could become a blueprint for aspiring players. With a DRHP expected to be filed by August–September 2025, the edtech world and investors alike will be closely watching this rare breed of stability and scale.
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