PhysicsWallah IPO DRHP 2025: Key Highlights, Financials, and Risks Explained

When we talk about startups that truly changed the landscape of education in India, PhysicsWallah has to be on the list. What began as Alakh Pandey’s humble YouTube channel is now preparing for one of the most closely watched public offerings in recent years. The company has filed its updated Draft Red Herring Prospectus (DRHP) with SEBI, and the numbers, details, and even the risks mentioned are drawing everyone’s attention.

In this article, I’ll walk you through what this filing means, why it matters, and what stood out in the updated prospectus.

The Size of the Issue

According to the PhysicsWallah IPO DRHP 2025, the company is planning to raise around ₹3,820 crore. This will be a mix of fresh shares and an offer-for-sale (OFS):

• Fresh issue: ₹3,100 crore
  
• OFS by the founders: ₹720 crore (₹360 crore each by Alakh Pandey and Prateek Maheshwari)
  

If you’ve been following the journey, you know that PhysicsWallah has always been positioned as a student-first, affordable platform. Now, stepping into the IPO market, it’s balancing both growth ambitions and giving its early stakeholders some liquidity.

Where the Money Will Go

I often think of an IPO not just as fundraising but as a roadmap. And the PhysicsWallah IPO DRHP 2025 lays that roadmap quite clearly:

• Opening more offline centers across India
  
• Lease and infra-related costs
  
• Investments in subsidiaries like Xylem and Utkarsh
  
• Strengthening cloud and server infrastructure
  
• Marketing and brand building
  
• General corporate expenses and potential acquisitions
  

This shows that while PhysicsWallah started online, its offline presence has become a serious growth engine, and they’re doubling down on it.

Financial Performance So Far

Numbers can sometimes feel distant, but they tell a very real story of how a company is evolving. PhysicsWallah’s revenues have climbed sharply:

• FY23: ₹744 crore
  
• FY24: ₹1,940 crore
  
• FY25: ₹2,886 crore
  

Losses, while still present, have narrowed to about ₹240 crore in FY25. That’s a big improvement compared to earlier years. Interestingly, the split between online and offline is now almost equal, with offline centers contributing over ₹1,350 crore.

As someone who has seen coaching centers mushroom across Indian towns, this offline growth feels relatable. For many students, walking into a physical classroom, even if powered by a digital-first brand, still carries trust.

Risks That Stood Out

Every DRHP has a section on risks, but the PhysicsWallah IPO DRHP 2025 includes some unusual ones. Among them:

• A student once threatened a teacher with a slipper during a video call.
  
• At an offline center, a staff member pushed a student (the employee was terminated).
  
• In another instance, a ceiling fan fell on a student at a Delhi center.
  

These may sound odd or even trivial, but they highlight the human challenges of scaling education—when you teach millions, small incidents can quickly become reputational risks.

Why This IPO Matters

PhysicsWallah isn’t just another edtech company going public. It’s the first Indian edtech to get SEBI’s nod for an IPO, and it represents a rare story of bootstrapping, affordable education, and scale.

For parents, students, and investors alike, the IPO signals both opportunity and responsibility. Opportunity, because the company has shown it can scale revenues fast. Responsibility, because it must now balance shareholder expectations with the trust of millions of learners who still see Alakh Pandey as “their teacher.”

Final Thoughts

The PhysicsWallah IPO DRHP 2025 is more than just financial jargon. It’s a window into how a YouTube teacher’s dream turned into a billion-dollar enterprise ready for the stock markets. While the numbers and risks are worth analyzing, at its heart this IPO is also about a changing India—where education, technology, and entrepreneurship are rewriting old rules.

If you’ve ever watched a PhysicsWallah lecture, you’ll know what I mean when I say this: beyond the market filings and investor presentations, there’s still a teacher at the core of this story. And that’s what makes this IPO different.

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