PhysicsWallah Achieves Significant Growth in FY25

PhysicsWallah (PW) has demonstrated impressive growth in FY25, with substantial revenue increases and a significant reduction in losses, as per Startup Superb sources familiar with the firm’s financial details. Sources indicated that PhysicsWallah’s operating revenue surged by around 55%, exceeding Rs 3,000 crore in the fiscal year ending March 2025.

Growth Trajectory and Revenue Increase

The Delhi-based company experienced a remarkable year-on-year growth of 140% to Rs 1,940.4 crore in FY24, up from Rs 744.3 crore in FY23. This resurgence was mainly driven by PhysicsWallah’s offline expansion, which now plays a crucial role in its overall revenue generation. In FY25, PW grew its presence to 200 centres from 124 the previous year. The firm benefited from a strong teacher-student ratio and efficient seat distribution. Enrolments increased from 3.6 million in FY24 to 5 million by FY25.

Expansion Beyond India

PhysicsWallah also ventured into 30 preparatory categories and launched new projects, including the IOI centre in the Gulf region. These initiatives have further enhanced the company’s growth prospects.

Financial Improvements and Loss Management

On the financial front, PhysicsWallah significantly narrowed its losses by approximately 80% in the previous fiscal year (FY25). It is important to note that the firm’s losses had widened over 13 times to Rs 1,131 crore in FY24 due to a one-time, non-cash charge of Rs 756 crore related to fair value loss on compulsorily convertible preference shares (CCPS). PhysicsWallah has not yet responded to inquiries regarding its FY25 results.

Preparation for Public Listing

The firm is preparing for a public listing, having received approval from SEBI to file its Draft Red Herring Prospectus (DRHP). The company is aiming to raise approximately Rs 4,000 crore through its IPO, with estimated valuations ranging between Rs 35,000 and 40,000 crore.

Positioning in the Edtech Sector

Founded in 2016 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah has emerged as one of the few edtech firms to maintain positive cash flows in prior fiscal years. With losses now under control, increasing enrolments, and solid offline growth, PhysicsWallah is presenting itself as a unique success story in India’s challenging edtech landscape, potentially influencing investor sentiment ahead of its market launch.