Edtech unicorn PhysicsWallah is taking a significant step towards a public listing, with plans for an initial public offering (IPO) in 2025. The company’s board has approved the resolution to convert the business into a public entity, renaming it from PhysicsWallah Private Limited to PhysicsWallah Limited, according to a recent regulatory filing.
PhysicsWallah, which has revolutionized affordable education in India, intends to list its equity shares on one or more stock exchanges, though no specific timeline has been set. The company aims to go public in the second half of 2025.
This move follows the appointment of Amit Sachdeva as the new Chief Financial Officer (CFO) just a month prior. PhysicsWallah, founded in 2016 as a YouTube channel providing exam preparation content, has since evolved into a full-fledged edtech platform. It offers live and recorded lectures, test series, study materials, and offline hybrid centers under the brand "PW Pathshala."
The company’s conversion into a public entity could make PhysicsWallah the first venture-funded edtech company to be listed on the stock exchange. As other edtech firms prepare for IPOs in the coming years, PhysicsWallah has already appointed investment bankers for its listing.
PhysicsWallah has raised a total of $310 million, including $210 million in its largest funding round to date. With a current valuation of $2.8 billion, its co-founders retain over 85% ownership. In FY24, the company reported a substantial increase in revenue, rising to ₹1,940.4 crore, up from ₹744.3 crore in FY23, with an adjusted EBITDA of ₹67 crore, excluding non-cash expenses.
PhysicsWallah’s successful growth and expansion place it in a strong position as it prepares for its IPO, signaling a major milestone in its journey to becoming a key player in the Indian education sector.
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