Physics Wallah (PW), once known mainly for physics coaching, now offers a wide range of academic and competitive exam preparation programs. From Classes 7 to 12 and entrance exams like IIT-JEE, NEET, UPSC, NDA, CA, IIM, and more, the platform serves over 36 million online users, with 15 million on its app.
National Footprint and Unicorn Status
Founded by Alakh Pandey and co-led by Prateek Maheshwari, PW has grown into a unicorn with a valuation crossing $1 billion. It has filed draft papers for an IPO worth around $500 million and is backed by investors like Hornbill Capital, Westbridge, GSV Ventures, and Lightspeed.
Hybrid and Offline Expansion
Initially focused on digital education, PW now operates over 130 offline centers across four categories — Vidyapeeth (fully offline), Pathshala (hybrid), PW Tuition (offline tuition), and Vidyapeeth Residential Program. It also runs SIP (School Integrated Program) within schools and has launched Gurukulam School in Varanasi, Indore, and Gurugram under the CBSE curriculum.
Emotional and Academic Support for Students
PW also runs initiatives like ‘PW Prerna,’ a free counseling helpline offering mental health support for students dealing with stress and anxiety. This includes walk-in services at locations like Kota and Patna.
Impactful CSR and Inclusive Education
PW has partnered with the CRPF Family Welfare Association to provide scholarships for the families of martyrs and service personnel. The initiative includes full and partial fee waivers for coaching programs. In 2023–24 alone, 51,000 students received full fee waivers totaling ₹17 crore. The platform also continues to offer free YouTube content to all.
YouTube Presence and Vernacular Reach
With 81 YouTube channels and 36 million subscribers, PW has a strong digital presence. It also operates over 12 vernacular channels in regional languages like Telugu, Gujarati, and Bengali, helping reach students beyond English-speaking metros.
Startup Support and Entrepreneurship
In 2024, the founders launched PW School of Startups with a ₹100 crore fund aimed at nurturing 100 startups over five years, focusing on first-generation entrepreneurs.
Growth Through Acquisitions
To expand its offerings and regional presence, PW acquired multiple edtech companies in 2022 and 2023, including:
- Xylem Learning (South India),
- Knowledge Planet (UAE),
- iNeuron (upskilling),
- Altis Vortex (NCERT publishing),
- PrepOnline (government and board exam prep),
- FreeCo (doubt-solving platform).
Financial Performance and Investor Sentiment
For FY24, PW reported a 161% jump in operating revenue to ₹1,940 crore (from ₹744 crore in FY23). However, losses widened to ₹1,130 crore, largely due to non-cash expenses including CCPS amounting to ₹756 crore.
Despite losses, PW raised $210 million in September 2024, pushing its valuation to $2.8 billion. The company claims FY25 will be its most profitable year yet in terms of EBITDA.
IPO on the Horizon
The IPO date hasn’t been announced, but expectations are high. Market watchers are curious whether investors will focus on long-term potential or remain cautious due to past-year losses. Some critics also question whether PW’s expansion and acquisition strategy risks mirroring the mistakes of earlier edtech peers.
Nevertheless, Physics Wallah remains one of India’s most influential education startups, with a mission to make quality learning affordable — and now, a chance to test investor confidence on the public stage.
