PhysicsWallah (PW) announced that it is increasing its stake in Kay Lifestyle and Wellness Private Limited (operating as Kamya Yoga & Wellness) from 28.57% to 41.18%.
The board approved a second tranche investment of ₹1.5 crore, continuing the company’s strategic push beyond traditional academics into the broader wellness and lifestyle ecosystem.
1. Transaction Details
The investment is being executed via the subscription of 300 Series Seed Compulsorily Convertible Preference Shares (CCPS) at a price of ₹50,000 per share.
- Path to Majority: Under the existing Shareholders’ Agreement (SHA) signed in April 2025, PW has the option to subscribe to a total of 999 CCPS, which could eventually take its ownership to 50% on a fully diluted basis.
- Timeline: PW intends to complete the full proposed investment in Kay Lifestyle within the next year (by February 2027).
- Financial Performance: Kay Lifestyle, which was incorporated in January 2025, reported a turnover of ₹1.17 crore for the period ending December 31, 2025.
2. Strategic Rationale: Beyond the Classroom
The move signals PhysicsWallah’s intent to build a holistic “community-led ecosystem” for its massive student base.
- Kamya Yoga & Wellness: The target entity provides premium content and programs focused on yoga, meditation, and nutrition.
- Student Well-being: By integrating wellness into its platform, PW aims to address the mental and physical health challenges often faced by students preparing for high-pressure competitive exams like JEE and NEET.
- Women-Led Entrepreneurship: The investment also aligns with PW’s stated goal of backing and scaling women-led ventures in the consumer-tech space.
3. PW’s Aggressive Consolidation Strategy
The Kay Lifestyle stake hike is part of a broader “post-IPO” expansion spree that has seen PW tighten control over several key subsidiaries and adjacent businesses:
| Entity | Current Stake | Previous Stake | Strategic Focus |
| Xylem Learning | 77.27% | 64.98% | Test preparation in Southern India. |
| Utkarsh Classes | 75.50% | 63.25% | Government exam prep and hybrid learning. |
| Kay Lifestyle | 41.18% | 28.57% | Health, Yoga, and Mental Wellness. |
| Guiding Light | 40.00% | New | Education technology and content services. |
4. Q3 FY26 Financial Snapshot
The announcement coincided with PW’s Q3 FY26 earnings, where the company demonstrated strong growth momentum:
- Consolidated Revenue: Surged 33.6% YoY to ₹1,082.4 crore.
- Net Profit: Rose 33.3% YoY to ₹102.3 crore.
- Cash Position: The company maintains a massive treasury of approximately ₹5,054 crore, largely bolstered by its 2025 IPO proceeds, providing significant “dry powder” for further acquisitions.
Conclusion: The “Super-App” Ambition
By doubling down on wellness, Alakh Pandey’s firm is evolving from a coaching institute into a comprehensive lifestyle brand for the Indian youth. The integration of yoga and meditation suggests that PW views “student success” as a combination of academic excellence and mental resilience.
