Mumbai
Online education platform PhysicsWallah has filed draft papers with SEBI to raise ₹3,820 crore through an initial public offering (IPO). The company is backed by WestBridge Capital, Hornbill, and GSV Ventures.
The IPO will include fresh shares worth ₹3,100 crore and an offer-for-sale (OFS) of ₹720 crore by founders Alakh Pandey and Prateek Boob, who currently hold 82.3% of the company. WestBridge Capital is the largest external investor with 6.41% stake.
PhysicsWallah, known for its coaching for competitive exams like JEE, NEET, GATE, and UPSC, plans to use ₹460.6 crore for setting up new hybrid centres, ₹548.3 crore for lease payments, and ₹47.2 crore to invest in its subsidiary, Xylem Learning.
An additional ₹33.7 crore will go to another subsidiary, Utkarsh Classes, with ₹26.5 crore used to increase shareholding in it. The company will also spend ₹200.1 crore on servers and cloud infrastructure, and ₹710 crore on marketing.
Despite a net loss of ₹243.2 crore in FY25, down from ₹1,131.1 crore in FY24, revenue jumped 48.7% to ₹2,886.6 crore, showing strong growth ahead of the IPO.
