PhysicsWallah (PW), the edtech unicorn known for its affordable and quality coaching, posted a 55% year-on-year rise in operating revenue to over ₹3,000 crore in FY25. This marks a leap from ₹1,940 crore in FY24
Simultaneously, the company achieved a striking ~80% reduction in losses, a notable turnaround from the ₹1,131 crore loss reported in FY24
What Fueled This Growth?
1. Offline Expansion Drives Topline
PW scaled its footprints from 124 to 200 learning centers during the year. These centers have become significant revenue contributors
2. Enrolments Soar
Total paid enrolments soared to 5 million in FY25, up from 3.6 million in the previous year—highlighting growing user adoption
3. Diversification Strategy
The edtech platform now spans 30+ test prep categories, along with upskilling courses and expansion into the Gulf region, broadening its market reach
IPO on the Horizon
With financial momentum building, PW has received SEBI’s nod to file its Draft Red Herring Prospectus (DRHP). It aims to raise around ₹4,500 crore through its IPO, valuing the company potentially between ₹35,000–40,000 crore Entrackr
Summary Table
| Metric | FY24 | FY25 (Projected) |
|---|---|---|
| Revenue | ₹1,940 crore | ₹3,000+ crore (↑ ~55%) |
| Enrolments | 3.6 million | 5 million |
| Offline Centers | 124 | 200 |
| Loss Reduction | — | ~80% narrowing (from ₹1,131 cr) |
| IPO Raise Plan | — | ₹4,500 crore |
Why It Matters
- Edtech’s Comeback Story: PhysicsWallah stands out as one of the few Indian edtech unicorns achieving scale with improving financials—in stark contrast to peers dealing with funding challenges and layoffs.
- Hybrid Model Pays Off: The company’s successful offline and online balance offers a compelling model for sustained growth.
- Investor Confidence: The financial robustness and strategic expansion enhance PW’s attractiveness ahead of its IPO.
