EdTech unicorn PhysicsWallah delivered strong FY25 results, achieving operating revenue of ₹2,886.6 crore and total income of ₹3,039.1 crore, marking a 49% year-on-year growth from ₹1,940.7 crore in FY24. The Noida-based company crossed the significant revenue ₹3000 crore milestone ahead of its planned initial public offering.
Most notably, PhysicsWallah dramatically narrowed losses by 78% to ₹243.3 crore in FY25, compared to ₹1,131.1 crore in the previous fiscal year. This improvement was accompanied by the company turning EBITDA profitable, posting ₹193.2 crore versus an EBITDA loss of ₹829.4 crore in FY24.
The company’s hybrid learning model proved successful, with offline centers now contributing nearly half of total revenue. Online courses generated ₹1,404.0 crore (49% of revenue), while offline and hybrid centers contributed ₹1,351.9 crore (47%). PhysicsWallah expanded to 198 centers across 109 cities by March 2025, up from 124 centers previously.
The edtech financial performance reflects broader Indian edtech growth patterns, with PhysicsWallah achieving a revenue CAGR of nearly 97% between FY23 and FY25. The company’s paid user base grew to 4.46 million from 3.63 million in FY24.
PhysicsWallah has filed updated IPO papers with SEBI to raise ₹3,820 crore, making it potentially the first Indian edtech company to go public. The IPO comprises ₹3,100 crore fresh issue and ₹720 crore offer-for-sale by founders Alakh Pandey and Prateek Boob.
Founded as a YouTube channel, the company’s transformation into a profitable edtech platform comes as India’s education technology market is projected to reach $29 billion by 2030. PhysicsWallah’s balanced online-offline approach and focus on tier-2 and tier-3 cities has differentiated it from competitors facing significant challenges in the sector.
