PhysicsWallah’s recent public offering marks a significant milestone in India’s edtech sector, being one of the youngest start-ups to achieve this status and among a limited number of internet companies to surpass ₹3,000 crore in revenue within five years of its inception. Originally launched as a YouTube channel, PhysicsWallah now encompasses both online and offline learning platforms, claiming to serve over 4.5 million students.
In an interview, Prateek Maheshwari, Whole-Time Director of PhysicsWallah, discussed the implications of the IPO, the company’s growth strategies, and its commitment to affordability over high valuation.
Reflecting on the company’s rapid growth, Maheshwari stated, “Thank you for calling us young — it’s just five years since we started. We are the first consumer internet company to hit ₹3,000 crore topline in under five years. Most internet players take 12 years to reach that. In the last two years, our revenues and EBITDA have grown nearly fourfold. It’s an exciting moment for the sector because the market loves hypergrowth companies, and we operate in a sizable market space — 300 million learners in India — where we have only 1.5 percent market share. But for us, it’s just a milestone. We’ll continue our focus back in Noida, serving our students.”
With the edtech sector facing challenges regarding credibility and regulatory scrutiny, Maheshwari highlighted PhysicsWallah’s differentiation. “We’ve always aimed to serve the 95 percent of India, rather than the top 5 percent. Other companies target premium students, charging twenty times our price. Our courses cost ₹3,600 per year for all subjects, aligning preparation costs with exam fees — that’s what we mean by democratization.”
He added that the company’s growth has primarily stemmed from community engagement rather than marketing expenditures. “Our marketing never exceeded single digits, while others invested 40 percent or more. Our users discovered us organically via YouTube and Telegram, which fostered goodwill and translated into consistent user engagement.”
Regarding the IPO pricing of ₹103–₹109 per share, which values the company at around ₹31,000 crore, Maheshwari explained, “We could have set a price 30–40 percent higher, with significant anchor demand at a ₹47,000 crore valuation. However, we wanted to leave value for investors. We are a domestic brand emotionally tied to our students and their families. Our priority is to ensure listing gains for retail investors rather than just a high headline valuation. Our early backers haven’t divested any stake in this IPO, reflecting their confidence in our business model — it signifies commitment, not exit.”
Discussing future growth strategies, Maheshwari identified three primary levers: regional expansion, entry into new exam categories, and balanced offline growth. “We’ve launched courses in eleven Indic languages, such as Telugu, Tamil, Marathi, and Bengali, where our market penetration remains under 3 percent. The Hindi heartland has seen 30–37 percent penetration; thus, our next growth phase will focus on the rest of India. We’re also broadening our scope into state boards and new competitive exams. We currently dominate half of the 38 exam categories we operate in. On the offline front, 48 percent of our revenue is now generated from centers, with 80 percent of those admissions initiated online. This online-to-offline synergy provides us a cost advantage as we avoid the need for expensive real estate.”
Addressing the challenge of teacher attrition in the edtech sector, Maheshwari noted, “We have implemented a faculty training program, hiring 500 fresh graduates annually and providing intensive training. Classroom engagement, student ratings, and educational outcomes are our primary measurement criteria. Last year’s attrition was intentional to remove underperformers and enhance learning results. Moving forward, we anticipate a decrease in that rate.”
Looking ahead, Maheshwari expressed aspirations for PhysicsWallah: “Our goal is to be recognized as the go-to brand across India. From JEE and NEET to UPSC and state boards, we will continue expanding access without losing focus on our mission to make quality education affordable.”
As Maheshwari stated, “For us, listing gains for retail investors matter more than a headline valuation.”
Published on November 7, 2025.
