Physics Wallah ListedUnicorn

PW charges students as low as $4 per course versus rivals like Byju's and Unacademy that charge fees as high as tens of thousands of dollars.

Combines free/paid digital content and live classes with physical 'Vidyapeeth' centres and pen-drive courses that eliminate the need for internet access in low-connectivity areas.

Started as a free YouTube physics-teaching channel in 2016, later evolved into the paid PW app and course ecosystem.

Company describes moving to an 'AI-first' model across teaching, counselling, operations and product.

Students preparing for JEE, NEET, UPSC, SSC, CAT and other competitive exams (PW covers 28 exam categories per source).

Younger students studying for CBSE and state board exams via the core app.

Learners seeking data science, banking & finance, and software-development upskilling.

Framed by the company as reaching the 'bottom 80% of the student pyramid', with deep inroads in smaller Indian cities and towns via low-cost offerings including pen-drive delivery.

Served in UAE and the broader GCC region via the Knowledge Planet acquisition, aimed at bringing online and offline education to the Indian diaspora there.

PW's core relationship model is built on free educational content across 207 YouTube channels reaching 98.8 million subscribers (as of June 30, 2025) that organically converts into paying customers.

A personal-mentor feature inside the PW app pairs students with a doubt-solving mentor for ongoing, individualized support, moving the relationship from anonymous video-watching to a recurring personal touchpoint.

PW runs two offline formats crossing 150+ centres across India and enrolling over 200,000 students in AY 2024-25, giving the brand a physical, high-touch relationship layer beyond digital content.

PW maintains official Telegram channels and batch-specific groups where enrolled students get daily class updates and batch announcements, sustaining engagement between live sessions.

13.7 million+ subscribers on the PW YouTube network (as of RHP data, mid-2025).

Over 10 million downloads on Google Play as of February 2025.

353 physical centres across India and the UAE as of FY26, up from 198 a year earlier.

Course content delivered on pen drives to students' doorsteps for internet-free access.

Producing live and recorded classes, test series and study material across 28 exam categories.

Expanding the physical centre network — 353 centres by FY26, up from 198 the year before.

Actively acquiring regional coaching and edtech brands (Knowledge Planet, Utkarsh Classes, Only IAS, iNeuron, Xylem Learning, etc.) — 11 acquisitions cited — to expand category and geographic reach.

6,267 faculty members/consultants (teaching, doubt resolution, content) as of June 30, 2025 per RHP.

4,382 published books, per RHP disclosures.

18,028 total employees as reported in RHP-based analysis.

After rolling back its own NBFC (FinZ Finance, ~₹120 Cr invested), PW shifted to a platform model connecting students to multiple regulated third-party NBFCs for education loans (announced June 2026).

S Chand exited its stake in iNeuron by selling it to Physics Wallah in December 2022, consolidating PW's ownership of the upskilling platform.

Online courses contribute roughly 60% of revenue while representing about 95% of paid customers.

Offline segment generated ₹1,774 Cr in FY26, up 31% YoY, as the physical centre network scaled to 353 locations.

Total revenue grew from about ₹2,887 Cr (FY25) to about ₹3,900 Cr (FY26), a 35% YoY increase.

Significant spend on expansion, marketing and offline infrastructure cited as a factor that may impact profitability.