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Physicswallah Limited is an Indian education technology company offering accessible and affordable test preparation courses for a wide range of competitive examinations. The company operates through online channels, including its website and apps, as well as a network of tech-enabled offline and hybrid centers. Starting with courses for JEE and NEET, Physicswallah has expanded its offerings to 13 education categories, including foundation courses, civil services, GATE, and various upskilling programs, aiming to support a student's entire learning journey.
Nov 11, 2025
Nov 13, 2025
Nov 18, 2025
Mainboard
Closed
3480 Cr
3100 Cr
380 Cr
₹103 - ₹109
137
The net proceeds from the Fresh Issue are proposed to be utilized for the following objectives:
Funding capital expenditure for the fit-outs of new offline and hybrid centers operated by the company.
Financing expenditure towards lease payments for existing identified offline and hybrid centers operated by the company.
Investment in its subsidiary, Xylem Learning Private Limited, to fund capital expenditure for new offline centers and lease payments for existing centers and hostels.
Investment in its subsidiary, Utkarsh Classes & Edutech Private Limited, to cover lease payments for its existing identified offline centers.
Expenditure towards upgrading and maintaining server and cloud-related infrastructure to support its technology stack.
Funding marketing initiatives to enhance brand visibility and student acquisition.
Acquisition of additional shareholding in its subsidiary, Utkarsh Classes & Edutech Private Limited.
Funding inorganic growth through strategic but currently unidentified acquisitions and for general corporate purposes to support business operations and expansion.
14.1
0.19
-12.5%
12.35%
-12.5%
—
-8.43%
6.69%
14.1
Strong brand recall and a large, community-led student base with over 98 million YouTube subscribers.
Affordable and accessible education model, making it a market leader in competitive pricing.
Diverse portfolio across 13 education categories with a multi-channel delivery model (online, offline, hybrid).
Proprietary technology stack with AI-driven tools that enhance the learning experience and operational efficiency.
History of incurring net losses and has reported negative net worth in recent fiscal years.
Significant dependence on the leadership and brand image of its founders, Alakh Pandey and Prateek Boob.
High faculty and employee attrition rates in a highly competitive talent market.
Limited operating history, particularly in the rapidly expanding offline and hybrid business segments.
Expansion into the growing Indian test preparation market, projected to reach ₹2.1 trillion by Fiscal 2030.
Increasing online education penetration in India, providing a large addressable market for digital offerings.
Geographical expansion into underpenetrated Tier 2 and beyond cities and international markets.
Diversification into new education verticals such as K-12 supplemental education, upskilling, and institutional partnerships.
Intense competition from established players and new entrants in the ed-tech sector.
Potential for adverse regulatory changes, including stricter guidelines for coaching centers in India.
Economic downturns that could reduce household spending on supplemental education.
Negative publicity concerning student mental health, safety, or the quality of educational services.