Exclusive: PhysicsWallah converts to public entity ahead of 2025 IPO

Edtech unicorn PhysicsWallah is gearing up for a definitive initial public offering (IPO) plan in 2025, taking its first major step toward public listing by converting into a public entity.

The board at PhysicsWallah has approved a resolution to change its status to a public company and rename it from PhysicsWallah Private Limited to PhysicsWallah Limited, as per its regulatory filing. 

As part of this move, PhysicsWallah plans to list its equity shares on one or more stock exchanges. While the company hasn’t given any timeline, it’s expected to list on the stock exchanges in the second half of 2025.

The conversion into the public entity has come a month after the appointment of Amit Sachdeva as its new chief finance officer (CFO).

Founded in 2016, PhysicsWallah began as a YouTube channel providing affordable education to students preparing for competitive exams like JEE and NEET. Since its inception, PW has expanded into a full-fledged edtech platform offering live and recorded lectures, test series, study materials, and offline hybrid centers under its brand “PW Pathshala

PhysicsWallah could become the first venture-funded edtech company to be listed on the stock exchange. While several edtech companies are vying for IPOs in the coming years, PhysicsWallah has reportedly appointed investment bankers for its upcoming public listing.

PhysicsWallah has raised a total of $310 million in funding, including $210 million in the largest equity round for an edtech startup in recent years. According to TheKredible, the company’s co-founders retain over 85% ownership in the business, which is currently valued at $2.8 billion.

The company reported a substantial surge in revenue from operations, reaching Rs 1,940.4 crore in FY24, up from Rs 744.3 crore in FY23. Its adjusted EBITDA stood at a positive Rs 67 crore, excluding ESOP costs of Rs 151 crore and other non-cash expenses such as depreciation, amortization, and impairment.