PhysicsWallah Cuts Losses, Revenue Almost Hits 3,000 Cr
Edtech unicorn PhysicsWallah (PW), started by Alakh Pandey, is looking way stronger financially. In FY25, the company managed to slash its net loss by 78%, dropping from INR 1,131.1 Cr last year to just INR 243.3 Cr — and all this while getting ready for its big IPO.
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Money Stuff Made Simple
Their revenue jumped 49%, reaching almost 2,887 Cr. Most of that money is from India, but international revenue is growing too — up 61% to 35.5 Cr. Including other income, their total income is over 3,000 Cr.
The big news? They actually made EBITDA profit, about 193 Cr this year compared to a huge loss last year. Their EBITDA margin improved from -42.7% to 6.7%, which basically shows they’re starting to make real money.
Even with all the growth, their total expenses barely went up. So they’re managing money better than before.
PhysicsWallah: IPO Plans
PhysicsWallah filed its updated DRHP for a INR 3,820 Cr IPO. The public offer will include:
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INR 3,100 Cr fresh issue
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INR 720 Cr OFS by cofounders Alakh Pandey and Prateek Boob
Big investors like WestBridge Capital and Lightspeed aren’t selling. PhysicsWallah plans to use IPO funds to:
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Expand offline centres (INR 1,000 Cr)
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Boost marketing (INR 710 Cr)
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Upgrade tech (INR 200 Cr)
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Fund acquisitions and other corporate needs
Coaching & Student Numbers
Most of PhysicsWallah’s income still comes from coaching, which grew 46% YoY to INR 2,498.6 Cr.
Student base is now 48 Lakh strong, up from 39.5 Lakh last year. Top categories? NEET (9.3 Lakh) and JEE (5.7 Lakh).
Revenue split is nearly equal between online (INR 1,404.1 Cr) and offline (INR 1,351.9 Cr) channels. PW now has 198 offline centres, a jump from 126 last year.