Indian edtech startup Physics Wallah concluded its first day as a public company on a high note. Its shares closed forty-four percent higher than their listing price, signaling a potential recovery for the country’s edtech sector after a prolonged period of challenges. The shares, priced at one hundred nine rupees for the initial public offering, climbed as high as one hundred sixty-two rupees before settling at one hundred fifty-six rupees. This closing price values the company at four hundred forty-eight billion rupees, or approximately five billion dollars. This valuation is significantly above its listing valuation of three hundred fifteen billion rupees, about three point six billion dollars, and is roughly seventy-nine percent higher than its last private valuation of two point eight billion dollars in September 2024.
Physics Wallah raised thirty-four point eight billion rupees, around three hundred ninety-three million dollars, in its initial public offering. Of this amount, thirty-one billion rupees, approximately three hundred fifty million dollars, was raised through a fresh issue of shares. The remaining three point eight billion rupees, about forty-three million dollars, came from shares sold by co-founders Alakh Pandey and Prateek Boob. Together, the co-founders held about eighty percent of the company prior to the listing.
This strong market debut highlights the company’s remarkable growth journey since its humble start as a YouTube channel run by Pandey in 2016. It now stands out in an industry that is otherwise facing significant difficulties, including layoffs, a funding shortage, and the collapse of once high-flying rival Byju’s. Today, the company provides test-preparation and upskilling courses through its website, mobile applications, and offline centers.
The rise of Physics Wallah occurs as its larger competitors struggle to operate. Byju’s, once India’s most valuable startup at twenty-two billion dollars, became engulfed in a corporate governance crisis. It has been fighting legal battles with lenders and is dealing with a severe cash crunch that has led to mass layoffs. The Bengaluru-based startup is currently undergoing insolvency proceedings in both India and the United States. Unacademy, another high-profile edtech company, has also sharply scaled back its operations and cut staff. It is reported to be in talks to be acquired by the upskilling platform UpGrad for three hundred to four hundred million dollars, a steep decline from its three point four four billion dollar valuation in 2021.
In the financial year 2025, Physics Wallah reported that its revenue increased forty-nine percent to twenty-eight point nine billion rupees, approximately three hundred twenty-six million dollars, from the year before. Its net loss also narrowed to two point four billion rupees, roughly twenty-seven point five million dollars, from eleven point three one billion rupees, about one hundred twenty-seven point seven million dollars. Online channels accounted for forty-eight point six percent of its operating revenue, while offline centers contributed forty-six point eight percent. The company also reported having four point five million paying subscribers, a twenty-three percent increase from the previous year.
During the company’s initial public offering ceremony in Mumbai, co-founder Alakh Pandey stated that it was a good milestone to have the initial public offering, but that the mission and vision still had a long way to go. Physics Wallah plans to use most of the initial public offering proceeds to expand its offline centers, strengthen its technology infrastructure, and fund potential acquisitions. The company has already aggressively expanded its offline presence and currently operates three hundred three centers across one hundred fifty-two cities in India and the Middle East as of June 2025, up from one hundred eighty-two centers the previous year.