EdTech unicorn PhysicsWallah (PW) is set to enhance its offline network across India and select international markets, planning to channel ₹460.55 crores from its forthcoming IPO proceeds into the establishment of new offline and hybrid learning centers, as detailed in its Draft Red Herring Prospectus (DRHP).
The investment is divided into three main categories: ₹234.37 crores aimed at Vidyapeeth centers that specialize in JEE, NEET, and foundational courses; ₹49.89 crores to create hybrid Pathshala centers, where students participate in live-streamed online classes alongside on-site faculty support; and ₹176.29 crores designated for “Other Centers,” supporting various segments such as defense, chartered accountancy, government examinations, and vocational skills.
As of March 31, 2025, PhysicsWallah operates 198 offline centers across 109 cities within India and the Middle East, utilizing three distinct formats: PW Vidyapeeth, PW Pathshala, and PW Other Centers. The company’s offline presence has experienced a remarkable compound annual growth rate (CAGR) of 165.9%.
IPO details and expansion plans
PhysicsWallah will conduct its IPO through a new equity issue valued at ₹3,100 crores and an offer for sale (OFS) amounting to ₹720 crores.
The planned centers will be established on a leasehold basis, though specific locations have yet to be finalized. According to the DRHP, the expansion will target tier-2 and tier-3 cities, including Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat, and Chennai. Final site selection will be influenced by demographic demand, lease economics, and current business conditions.
Amidst a landscape where many competitors have reduced operations or shifted strategies due to funding challenges, PhysicsWallah is committed to augmenting its physical infrastructure. This approach reflects a broader trend in the industry towards “phygital” models, which emphasize a combination of offline presence and digital capabilities to enhance accessibility and credibility for students.
Published on September 25, 2025.
