Ed-Tech Unicorn PhysicsWallah has increased its revenue by 53% to approximately ₹3,000 crore in FY25 and reduced losses by 80%. The company has 5 million paid users and more than 200 offline centers. It plans to raise ₹4,500 crore through an IPO, while the company is debt-free and holds more than ₹2,000 crore in cash.
PhysicsWallah IPO: Noida-based Ed-Tech Unicorn PhysicsWallah has delivered a b performance in FY25. The company's revenue has increased by 53% to approximately ₹3,000 crore, and the loss has decreased by 80%, resulting in an EBITDA of ₹200 crore. Offline expansion and paid batch enrollments were the main contributors to growth, while marketing expenses remained less than 10% of revenue. The company has filed a DRHP with SEBI for an IPO and plans to raise approximately ₹4,500 crore. Currently, PhysicsWallah is debt-free and holds more than ₹2,000 crore in cash.
Operating Profit and Offline Expansion
The company's operating profit (EBITDA) in FY25 was approximately ₹200 crore. Offline expansion and paid batch enrollments have significantly contributed to PhysicsWallah's growth. In FY25, the company opened more than 120 new offline centers, bringing the total number of offline centers to over 200. The number of paid users on the platform also increased from 3.6 million in FY24 to 5 million in FY25.
Despite the expansion, PhysicsWallah has kept marketing expenses below 10% of revenue. The company is debt-free and has more than ₹2,000 crore in cash. The company has not yet officially shared the financial results.
Plans to Raise ₹4,500 Crore Through IPO
PhysicsWallah is planning to raise approximately ₹4,500 crore through the IPO. The company had filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in March 2025. The Noida-based company adopted the confidential pre-filing route, which allowed it to keep sensitive business details and financial figures confidential from competitors.
Recognition as a Unicorn Startup
PhysicsWallah is one of the few EdTech startups in the country and has unicorn status. Unicorn status is given to startups with a valuation of more than $1 billion. Major investment firms such as WestBridge Capital, GSV Ventures, Lightspeed Venture Partners, and HORNBLILL Capital have invested in PhysicsWallah.
Reasons for Growth in FY25
Experts believe that the biggest contributor to PhysicsWallah's growth has been the expansion of offline centers and the increase in the number of students enrolled in paid batches. In addition, the company emphasized improving the quality of education through its digital learning platform. The opening of new offline centers in FY25 increased student access and also led to a tremendous increase in the company's revenue.
PhysicsWallah's Marketing Strategy
The company limited marketing expenses in FY25 and spent less than 10 percent of revenue. Through this strategy, the company made its operations more efficient and achieved growth while keeping expenses under control.
