The company, which is backed by WestBridge Capital LLP and Hornbill Capital Partner, will close its public offer on 13 November. The listing will take place on 18 November and the allotment will be on 14 November.
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About PhysicsWallah
Founded in 2016 as a YouTube channel and incorporated in 2020, the firm has since expanded into a full-stack education platform spanning online classes, offline centres, test prep and skilling. Operating revenue grew at a 97% CAGR over FY23–FY25, while its offline footprint of centres scaled at 166% CAGR in the same period.
The company offers test preparation courses for competitive examinations, and other courses such as for upskilling. Its channels of delivery include online and tech-enabled offline centres. PhysicsWallah has lately grown aggressively through acquisitions such as Utkarsh Classes and Xylem Learning to consolidate its position in India’s large test-prep market. Its unique online transacting users grew at a 56.8% compound annual growth rate (CAGR) between FY23 and FY25. For FY25, PhysicsWallah reported revenue of Rs 2,886 crore, up from Rs 1,940 crore in FY24. Losses narrowed sharply to Rs 243 crore from Rs 1,131 crore a year earlier. Online channels contributed 48.6% of revenue. In the test-prep segment, the company competes with Aakash Institute, Allen Career Institute and Unacademy.
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Summary of the Industry
India’s education sector ranks among the largest worldwide, driven by its scale and continued investment. India’s test preparation market is projected to grow at a CAGR of approximately 13% to reach Rs 1.9 lakh crore to Rs 2.1 lakh crore by fiscal 2030.
The online education market is witnessing steady growth, with its penetration estimated to increase from 2% in fiscal 2022 to 4% in fiscal 2025.
Kotak Mahindra Capital, Axis Bank, JPMorgan India and Goldman Sachs India are advising on the share sale.