India's edtech unicorn PhysicsWallah files for an IPO

PhysicsWallah started as a YouTube channel before turning into India’s most profitable edtech startup, and then became a unicorn in 2022. Now, it’s setting its sights on something even bigger—a ₹4,600 crore ($531 million) initial public offering (IPO).

But instead of going in guns blazing, it’s taking a quieter approach. The company confidentially filed with SEBI, meaning it’s testing the waters without revealing all its financials upfront. This pre-filing method, introduced by SEBI in 2022, lets companies gauge investor interest privately before committing to a public listing.

That way, if market conditions aren’t right, they can walk away without making a fuss. Other Indian tech unicorns like Swiggy and Oyo have taken the same approach, so this isn’t uncharted territory.

Indian edtech firm PhysicsWallah becomes a unicorn, after raising $100 million

PhysicsWallah, an India-based edtech firm has raised $1oo million in its Series A funding round from Westbridge and GSV Ventures at a $1.1 billion valuation, making it the latest unicorn in the country. * The firm will use the funds to scale its brand, expand the business, open new centres,

TechloyOluwajuwonlo Afolabi

Now, let’s talk numbers. While most edtech companies have struggled post-pandemic, PhysicsWallah seems to be thriving. It currently has 5.5 million paying students, 46 million YouTube subscribers, and over 100 offline coaching centers across 105 cities. Its FY24 revenue was projected at ₹2,400 crore ($277.92 million), growing 2.5x from the previous year. Compare that to Byjus, once India’s biggest edtech player, which has been bleeding cash and laying off employees, and it’s clear why PhysicsWallah is betting on itself.

The IPO will be a mix of fresh shares (raising new capital) and an offer-for-sale (OFS) from early investors like WestBridge Capital, GSV Ventures, and Lightspeed. The company previously raised $102 million in its first funding round, followed by a $210 million round in 2024 at a $2.8 billion valuation. Now, it’s aiming for a “significant premium” over that figure with its IPO.

If the IPO is successful, PhysicsWallah will become India's first edtech firm to go public. While other Indian edtech startups like Unacademy, UpGrad, and Vedantu have talked about IPOs, none have actually listed. That means all eyes are on this offering—not just as a major IPO but as a litmus test for the entire edtech sector in India which has seen investor confidence dwindling.

Indian edtech startup Byju’s lays off 100 employees

India’s once-thriving edtech giant, Byju’s, has been grappling with a series of financial and legal challenges. The company, which was once considered the country’s most valuable startup, is now making headlines for the wrong reasons. One of the most glaring issues facing Byju’s is its unsettling trend of

TechloyEmmanuel Oyedeji