What began as a YouTube channel in 2014 is now scripting one of India’s most remarkable startup success stories. PhysicsWallah (PW), co-founded by Alakh Pandey and Prateek Boob, has transformed into a formidable edtech enterprise, boasting 44.6 crore paid users in Fiscal 2025, a meteoric 153% jump from Fiscal 2023.
PhysicsWallah’s Online Users alone contributed over INR 1,642.52 crore (56.9%) of its total revenue of INR 2,886.64 crore in Fiscal 2025, underscoring the scale of its digital ecosystem. With 41.3 crore unique transacting users online, PhysicsWallah’s digital-first approach continues to dominate India’s competitive education sector.
Numbers That Define the Journey
PhysicsWallah’s financial trajectory reveals both exponential growth and calculated reinvestment.
- Revenue from operations surged from INR 744.32 crore in FY 2023 to INR 2,886.64 crore in FY 2025, marking a nearly fourfold rise.
- Despite a restated loss of INR 243.26 crore in FY 2025, compared with INR 1,131.13 crore in FY 2024, the company’s EBITDA margin improved sharply from (42.73%) to 6.69% over the same period.
- Notably, adjusted EBITDA stood at INR 431.96 crore in FY 2025, reflecting strong underlying operational performance even as expansion costs weighed on profitability.
PhysicsWallah’s Online Users: The Powerhouse of Growth
PW’s multi-app, multi-platform ecosystem has become a dominant force in the Indian education sector. By March 2025, its 14 mobile applications had crossed 6.45 crore cumulative downloads, and its 207 YouTube channels amassed 9.88 crore subscribers, growing at a 41.8% CAGR between FY 2023 and FY 2025.
User engagement metrics paint an equally compelling picture:
- Daily active users (DAUs) climbed from 0.09 crore in FY 2023 to 0.27 crore in FY 2025.
- Average engagement time rose from 93 minutes to 111 minutes.
- Average Collection Per User (ACPU) on the online channel reached INR 3,682.79.
PW’s affordable pricing model remains its cornerstone: flagship JEE and NEET courses cost between INR 2,199 and INR 4,800, compared with INR 63,000–80,000 charged by competitors — a strategic move that has democratized access to quality education for millions.
Offline and Hybrid Expansion
While the digital channel continues to lead, PhysicsWallah has strategically invested in offline and hybrid centers, reinforcing its omnichannel presence.
As of 30 June 2025, the company operated 303 offline centers across 152 cities, up from just 28 centers in FY 2023 — an astonishing 165.92% CAGR. The network includes:
- 112 PW Vidyapeeth centers for JEE, NEET, and foundation coaching,
- 78 PW Pathshala centers follow a hybrid two-teacher model,
- and 47 specialized centers under categories like Defence, CA, and IAS coaching.
Its subsidiaries, Xylem Learning, Utkarsh Classes, and Knowledge Planet, add another 66 centers to the network.
Human Capital and Faculty Depth
PhysicsWallah’s expansion is powered by people as much as technology.
- Total employees stood at 18,028 as of June 2025, compared to 7,253 in FY 2023.
- Faculty strength rose from 2,436 to 6,267 over the same period.
The company has integrated AI-powered tools like AI Guru, AI Grader, and AI Sahayak, which enhance student evaluation, content curation, and adaptive learning — blending tech efficiency with human expertise.
PhysicsWallah IPO: A Milestone in the Making
PhysicsWallah’s rapid ascent culminates in its highly anticipated initial public offering (IPO) scheduled between 11 November 2025 and 13 November 2025, with a price band of INR 103–109 per share and a total issue size of INR 3,480 crore. The offer comprises a fresh issue of INR 3,100 crore and an offer for sale (OFS) of INR 380 crore, with listing expected on 18 November 2025.
Objects of the offer include:
- INR 460.55 crore for new offline and hybrid center fit-outs,
- INR 548.31 crore for lease payments,
- INR 710 crore for marketing initiatives,
- INR 200.11 crore for cloud and server infrastructure, and
- strategic investments in subsidiaries Xylem and Utkarsh Classes.
This IPO is poised to strengthen PW’s physical infrastructure while scaling its digital capabilities — a balanced dual-channel strategy rarely seen in Indian edtech.
Community, Cause, and Continuity
Beyond business, the PW Foundation continues to make waves through initiatives like Utthan, providing scholarships and free learning access to underprivileged students. The company’s growth is not merely commercial; it is also cultural — representing a grassroots revolution in how India learns.
PhysicsWallah’s founder, Alakh Pandey, remains a household name — not for corporate jargon, but for his relatable, student-first approach. His teaching persona has become symbolic of trust, consistency, and social equity in learning.
Conclusion
As PhysicsWallah readies for its market debut, it stands at an inflection point. The edtech giant has successfully transitioned from a bootstrapped digital educator into a multi-modal education powerhouse — combining scale, affordability, and innovation. While profitability remains a medium-term challenge, the company’s operational discipline, expanding offline reach, and AI-backed digital engagement present a clear path toward sustainable growth.
If Fiscal 2025 was the year of consolidation, Fiscal 2026 could well mark PhysicsWallah’s evolution from a startup success story to an enduring listed institution — a true testament to India’s digital education revolution.
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