Edtech unicorn PhysicsWallah (PW), founded by Alakh Pandey, is focusing on affordability, regional expansion, and AI-driven learning as it gears up for a stock market listing. Co-founder Prateek Maheshwari told that PW will maintain its student-first, low-cost model, with only a 6–7% fee hike post-listing to offset inflation. PW’s courses, priced around ₹4,000 annually, have attracted 4.5 million paid learners, 93% of whom study online.
The company runs 300+ hybrid centres across 150 cities and plans to add 200 more in three years, funded internally. Offline operations typically break even in two years, with strong integration between online and offline channels.
PW’s FY25 revenue surged to ₹2,887 crore from ₹1,941 crore in FY24, achieving EBITDA profitability at 6.7% margin and generating ₹500 crore free cash. Maheshwari said PAT profitability is “very near.” The IPO, valuing PW at 10x price-to-sales, saw strong anchor investor interest.
PW aims to expand into Indic languages, AI learning tools like AI Guru and AI Grader, and state board and skill-based education, viewing AI as key to future efficiency and growth.
