New Delhi: In a significant development for India’s ed-tech landscape, online learning giant Physics Wallah has announced the price band for its long-awaited initial public offering (IPO), setting it between ₹103 and ₹109 per share. The company, founded by Alakh Pandey and Prateek Boob, aims for a valuation of ₹280.7 billion (approximately $3.19 billion) at the upper end of the range, signaling renewed investor confidence in the once-struggling education technology sector.
Physics Wallah’s IPO represents a defining moment in India’s digital education journey. Once a humble YouTube-based teaching platform, it has evolved into one of India’s most profitable ed-tech startups, standing out in a market where many peers have faltered under mounting losses. The public issue, scheduled to open for retail investors on November 11, is expected to raise around ₹34.8 billion, including a fresh issue of ₹31 billion and ₹3.8 billion worth of share sales by existing promoters.
The IPO is slated to list on Indian stock exchanges on November 18, following anchor-investor participation a day earlier. If successful, the offering would mark one of the most high-profile listings in India’s post-pandemic education sector and could serve as a bellwether for future ed-tech IPOs.
Physics Wallah is backed by prominent venture capital firms West Bridge Capital and Hornbill Capital, both of which were early believers in the company’s vision of democratizing education. Founded in 2016, the platform offers affordable online and hybrid classes for students preparing for engineering, medical, and government examinations.
Unlike several ed-tech competitors that focused on aggressive expansion and acquisitions, Physics Wallah adopted a lean model centered on affordability, sustainability, and offline integration. This focus has helped it maintain profitability a rarity in the industry and attract a loyal student base across India’s smaller towns and cities.
The proposed $3.19 billion valuation marks a considerable rise from the $2.8 billion mark it achieved in its last private funding round in 2024. The growth underscores investor optimism in the company’s hybrid education strategy and operational resilience.
The IPO proceeds are expected to fund expansion into new learning verticals, enhancement of the company’s technology infrastructure, and scaling of its offline learning centers, known as PW Vidyapeeths, across tier-2 and tier-3 cities.
Physics Wallah’s market debut comes at a time when India’s ed-tech sector is undergoing a major reset. Once dominated by over-funded start-ups, the industry has witnessed layoffs, valuation corrections, and shutdowns. Physics Wallah’s decision to go public demonstrates not only its financial strength but also its belief in the long-term viability of digital learning.
Analysts view the IPO as a potential turning point for the sector. “Physics Wallah’s listing could revive investor faith in Indian ed-tech, which has endured a rough patch,” said a Mumbai-based equity analyst. “Its profitability model and brand trust make it a credible candidate for sustainable growth.”
Despite its strong fundamentals, Physics Wallah faces a challenging competitive environment. Rival platforms such as Byju’s, Unacademy, and Vedantu continue to operate in overlapping markets, although many have scaled down operations or restructured their business models.
The company must also navigate regulatory scrutiny, high customer acquisition costs, and the balancing act between quality content and affordability. Market experts caution that maintaining growth momentum post-listing will require disciplined execution and innovation.
For India’s startup ecosystem, the Physics Wallah IPO is more than a capital-raising event it represents the maturing of the ed-tech industry. It sets a benchmark for other education platforms considering public listings and reflects a broader shift toward transparency and accountability.
The offering also highlights a new chapter for Indian entrepreneurs like Alakh Pandey, whose journey from a small-town educator to the helm of a multi-billion-dollar enterprise has inspired millions. The IPO not only celebrates business success but also embodies the spirit of accessible education in a digital India.
As the IPO opens next week, investor response will determine whether Physics Wallah’s story becomes the template for the next generation of Indian startups rooted in impact, profitability, and innovation.
If the listing performs as expected, it could re-ignite enthusiasm across India’s startup landscape and reaffirm the country’s position as a global leader in digital education.
PhysicsWallah’s next test, however, will begin after the bell rings on November 18 when it must prove that its classroom for millions can also thrive under the scrutiny of the public markets.