New Delhi: Indian education technology platform Physics Wallah has filed for an initial public offering (IPO) worth 38.20 billion rupees ($437 million), according to draft papers submitted to regulators, signaling renewed momentum in the country’s IPO market.
The filing shows the company aims to raise 31 billion rupees through fresh share issuance, while co-founders Alakh Pandey and Prateek Boob will sell a portion of their stakes to account for the remainder. Investors in Physics Wallah include WestBridge and Hornbill Capital.
Valued at $2.8 billion in September 2024, the startup plans to use the proceeds to expand physical coaching centers, cover rentals, strengthen technology and marketing, and fund acquisitions.
For the financial year ending March 31, Physics Wallah’s operational revenue surged 49% to 28.87 billion rupees, while losses narrowed to 2.43 billion rupees compared to 11.31 billion a year earlier.
The IPO marks a significant moment for India’s ed-tech sector, which has struggled in recent years amid layoffs at Unacademy and Vedantu, and financial turmoil at Byju’s, once valued at $22 billion.
The filing follows earlier reports that Physics Wallah was exploring a larger raise of about 46 billion rupees via a confidential draft with the market regulator. The company has not disclosed if the IPO size has been revised.
After a muted start to the year, India’s IPO market is showing signs of revival, with companies like Milky Mist and Tiger Global-backed Urban Company also filing to go public recently.
