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PhysicsWallah spent Rs 1,426 Cr on salaries in FY25; Offline ARPU stood at Rs 40,405

EntrackrEntrackr · 5m ago
PhysicsWallah spent Rs 1,426 Cr on salaries in FY25; Offline ARPU stood at Rs 40,405
Medial

Fintrackr All Stories PhysicsWallah spent Rs 1,426 Cr on salaries in FY25; Offline ARPU stood at Rs 40,405 PhysicsWallah has filed draft papers with SEBI to raise Rs 3,820 crore through IPO. Its financial statement shows the company significantly narrowing its losses on the back of strong revenue growth across online, offline, and hybrid channels. PW’s operating revenue grew nearly 49% to Rs 2,887 crore in FY25 from Rs 1,941 crore in FY24. Income from coaching services remained the largest contributor at Rs 2,498.5 crore, with the online segment rising 45.5% to Rs 1,404 crore in FY25 from Rs 965 crore in FY24, while offline coaching grew 45.7% to Rs 1,352 crore from Rs 928 crore. The Average Revenue Per User (ARPU) in its offline channel has steadily improved from Rs 34,467 in FY23 to Rs 40,405 in FY25. The offline channel now contributes nearly 47% of the top line. Revenue from hostel fees and transportation added Rs 88 crore, and the sale of products jumped 74% to Rs 259 crore in FY25. India remained the core market contributing Rs 2,851 crore or 98.75% of the total operating revenue, while Dubai and the USA collectively accounted for Rs 36 crore or 1.25%. PhysicsWallah employed 5,096 faculty members in FY25, a 40% increase from 3,654 in FY24. Of these, 4,207 were permanent teachers while 889 were hired on a contractual basis. To support the larger base of faculty and other staff, the company’s spend on salaries grew nearly 28% to Rs 1,426 crore in FY25, accounting for 44% of its overall expenditure. Marketing expenses stood at Rs 448 crore for FY25. The company also spent Rs 123 crore on materials and Rs 366 crore on depreciation. Overall, PhysicsWallah kept its spending broadly flat at Rs 3,265 crore in FY25 as against Rs 3,279 crore in FY24. With controlled expenses and growing revenue, PW managed to bring down its burn significantly by 78.5% to Rs 243 crore in FY25 from Rs 1,131 crore in FY24. The company reported a positive EBITDA of Rs 192.5 crore in FY25 with an EBITDA margin of 6.33%. The company’s ROCE stood at -6.37%. On a unit level, the firm spent Rs 1.13 to earn a rupee in FY25, a sharp improvement from Rs 1.69 in FY24. The company reported current assets worth Rs 2,237 crore as of March 2025, including Rs 175 crore in cash and bank balances. The company disclosed a political contribution of Rs 37 lakh during FY25. As per DRHP, co-founders Alakh Pandey and Prateek Boob hold the largest stakes in the company at 40.35% each, followed by WestBridge Capital with 7.8%, while Hornbill Capital, GSV Ventures, and Lightspeed hold 4.42%, 2.85%, and 1.79%, respectively. PhysicsWallah acquired a 40% stake in UPSC coaching institute Sarrthi IAS.

PhysicsWallah eyes $3.2 Bn valuation; price band set at Rs 103–Rs 109

EntrackrEntrackr · 3m ago
PhysicsWallah eyes $3.2 Bn valuation; price band set at Rs 103–Rs 109
Medial

PhysicsWallah eyes $3.2 Bn valuation; price band set at Rs 103–Rs 109 Edtech unicorn PhysicsWallah has announced the price band for its upcoming Rs 3,480 crore initial public offering (IPO) at Rs 103–Rs 109 per share, valuing the company at around Rs 28,426 crore ($3.2 billion) at the upper end. The issue will open for public subscription on November 11 and close on November 13, with the anchor book opening a day earlier on November 10. The IPO comprises a fresh issue of shares worth Rs 3,100 crore and an offer-for-sale (OFS) of Rs 380 crore by existing shareholders. In a notable move, co-founders Alakh Pandey and Prateek Maheshwari have reduced their OFS component, signalling a long-term commitment to the company’s growth. As per the RHP, the fresh capital will be deployed towards expanding PW’s offline network, strengthening its technology infrastructure, and supporting strategic acquisitions in test prep and skilling segments. Founded in 2020, PhysicsWallah has emerged as a rare profitable player in India’s edtech ecosystem, which has largely been under pressure following the sector’s funding slowdown. The company runs over 500 offline centres under its ‘PW Vidyapeeth’ and ‘Pathshala’ brands, and claims to serve over one crore monthly active users across its digital platforms. According to its financials, PhysicsWallah reported Rs 2,887 crore in operating revenue and Rs 243 crore in loss during FY25. Meanwhile for the first quarter of ongoing fiscal year (Q1 FY26), the firm reported a revenue of Rs 847 crore while its losses stood at Rs 127 crore in the same period. The IPO will test investor appetite for new-age education firms after a lull in the space. If it sails through successfully, PhysicsWallah could pave the way for peers like Unacademy and Vedantu to explore public listings. For now, all eyes will be on how public markets price India’s most-watched edtech story, one that’s attempting to balance scale, sustainability, and investor confidence.

Exclusive: PhysicsWallah in talks to acquire Drishti IAS for Rs 2,500 Cr

EntrackrEntrackr · 10m ago
Exclusive: PhysicsWallah in talks to acquire Drishti IAS for Rs 2,500 Cr
Medial

Edtech unicorn PhysicsWallah is in the advanced stages of acquiring offline coaching firm Drishti IAS Institute, according to three sources familiar with the matter. If finalized, this will mark the largest acquisition in the edtech space in the past couple of years. “PhysicsWallah is spending around Rs 2,500–3,000 crore to acquire the UPSC and state commissions preparatory platform,” said one of the sources, requesting anonymity. “The two companies have been in talks since January this year, and the deal is likely to be finalized soon.” The development comes at a time when PhysicsWallah is preparing for its initial public offering (IPO). The Noida-based company recently appointed three independent directors and is aiming to raise $500 million at a $5 billion valuation through the public listing. According to sources, the payment for the deal will be made in tranches and will be tied to future performance milestones. “Although we have been meeting several people from different organisations (IPO Bankers, PEs & Edtech founders) for our future plans, nothing has been finalized so far. The information you are talking about is just a rumour which shouldn't be taken seriously at all,” said Vivek Tiwari, CEO, Drishti IAS. Queries sent to PhysicsWallah did not elicit an immediate response. Drishti IAS, a 26-year-old educational platform that mainly provides offline coaching to help students prepare for the Civil Services Examination (CSE), reported Rs 405 crore in revenue with Rs 90 crore profit after tax (PAT) in FY24. Founded by Vikas Divyakirti, the Mukherjee Nagar Institute is the largest revenue contributor for Drishti IAS, accounting for 58% of the total coaching income, followed by Prayagraj, Jaipur, and Karol Bagh. On the other hand, nine-year-old PhysicsWallah has expanded into a full-fledged edtech platform offering live and recorded lectures, test series, study materials, and offline hybrid centers. The firm has raised over $300 million to date and was valued at around $2.8 billion during a $210 million Series B round in September last year. PhysicsWallah’s revenue from operations surged to Rs 1,940.4 crore in FY24, compared to Rs 744.3 crore in FY23. However, following the rising expenditure, its losses deepened over 13X to Rs 1,131 crore in FY24 against Rs 84 crore reported in FY23. The potential deal aligns with PhysicsWallah’s focus on offline coaching. Last year, the Lightspeed and WestBridge-backed company stated that it aims to achieve over Rs 1,000 crore in offline revenue by the end of FY25.

PhysicsWallah raises stake in Xylem Learning to 77.27% in Rs 123 Cr deal

EntrackrEntrackr · 1m ago
PhysicsWallah raises stake in Xylem Learning to 77.27% in Rs 123 Cr deal
Medial

News All Stories PhysicsWallah raises stake in Xylem Learning to 77.27% in Rs 123 Cr deal The company’s board cleared the move through a third amendment to the shareholders’ agreement signed with Xylem Learning and its existing shareholders. Kunal Manchanada 18 Dec 2025 18:56 IST Follow Us Edtech firm PhysicsWallah has approved the acquisition of an additional 12.29% stake in its subsidiary Xylem Learning, taking its total shareholding to 77.27%, according to a regulatory filing made on Thursday. The company’s board cleared the move through a third amendment to the shareholders’ agreement signed with Xylem Learning and its existing shareholders. As part of the transaction, PhysicsWallah will acquire 930 equity shares from existing investors for a total cash consideration of Rs 122.9 crore. As per the filings, PhysicsWallah had entered into a shareholders’ agreement with Xylem in June 2023, which was subsequently amended in June 2023 and February 2025, to acquire up to 100% equity ownership in the company over multiple phases. Prior to this transaction, PhysicsWallah held 64.98% of Xylem’s fully diluted equity share capital. Xylem Learning, incorporated in December 2020, operates in the education sector and focuses on preparing students for competitive examinations such as JEE, NEET, and foundation-level courses through online and offline formats. The Kerala-headquartered edtech firm has posted Rs 322.26 crore revenue in FY25. The transaction follows a similar move by PhysicsWallah in another subsidiary, Utkarsh Classes & Edutech. Earlier this month, the company raised its stake in Utkarsh Classes from 63.25% to 75.50% by acquiring an additional tranche of shares for Rs 26.5 crore in cash. Over the past few years, PhysicsWallah has been steadily increasing control over several offline coaching and hybrid education players as part of its inorganic expansion strategy. The company has consistently indicated that such acquisitions are aimed at strengthening its presence in key regional markets and deepening its offline and hybrid education footprint. PhysicsWallah’s operating revenue grew nearly 26% to Rs 1,051.26 crore in Q2 FY26 from Rs 832.17 crore in Q2 FY25. During the period, its profit rose by 70% to Rs 69.7 crore.

Drishti IAS posts Rs 364 Cr revenue and Rs 61 Cr PAT in FY25

EntrackrEntrackr · 10d ago
Drishti IAS posts Rs 364 Cr revenue and Rs 61 Cr PAT in FY25
Medial

Fintrackr All Stories Drishti IAS posts Rs 364 Cr revenue and Rs 61 Cr PAT in FY25 Offline coaching firm Drishti IAS has reported operating revenue of Rs 364 crore in FY25, a 10% decline from Rs 405 crore in the previous year, according to its audited financial results. The company’s EBITDA declined to Rs 77 crore from Rs 127 crore, while profit after tax fell 32% to Rs 61 crore from Rs 90 crore year on year. The company attributed the revenue dip to Ind-AS based accounting adjustments and a broader normalisation in the offline coaching sector following the post Covid surge in enrolments. Drishti IAS also cited the stabilisation of classroom admissions across major coaching hubs as student numbers return to pre-Covid levels. Importantly, the relocation of its primary Mukherjee Nagar centre to a compliant facility in Noida during FY25 resulted in a revenue loss of over Rs 30 crore. Founded in 1999 by Vikas Divyakirti, Drishti IAS focuses on UPSC and PCS exam preparation and operates eight centres across Delhi, Noida, Prayagraj, Lucknow, Jaipur, Indore, Ranchi, and Patna. Drishti IAS is expanding across offline and online segments. It opened new centres in Ranchi and Patna in FY26, launched lower-priced studio-based online programmes, and entered Judiciary, Teaching Exams, and SSC categories. The firm also plans to expand into Banking, Defence, and School education, said CEO Vivek Tiwari through a press statement. The company has appointed Vipan Joshi as Chief Financial Officer. Joshi previously served as CFO at Aakash Institute. Originally an offline only coaching institute, Drishti IAS launched its online arm in FY21. In FY25, nearly one third of its revenue came from online operations, with the remainder from offline centres. It is worth noting that PhysicsWallah was in talks to acquire Drishti IAS, but the discussions were eventually called off, with both companies choosing to pursue independent growth strategies.

PhysicsWallah posts Rs 1,082 Cr revenue in Q3 FY26; profit grows 33%

EntrackrEntrackr · 1d ago
PhysicsWallah posts Rs 1,082 Cr revenue in Q3 FY26; profit grows 33%
Medial

PhysicsWallah posts Rs 1,082 Cr revenue in Q3 FY26; profit grows 33% Edtech unicorn PhysicsWallah delivered strong performance in Q3 FY26, in which the company posted 34% year-on-year revenue growth. The company’s profit crossed Rs 100 crore mark during the quarter. PhysicsWallah’s operating revenue grew nearly 34% to Rs 1,082 crore in Q3 FY26 from Rs 810 crore in Q3 FY25, according to its consolidated financial statement sourced from NSE. While the filing does not disclose a detailed revenue breakup, the company primarily earns from its online and offline courses for JEE, NEET, other engineering exams, and state boards, along with the sale of study materials. It also made Rs 65 crore via interest and gains on financial assets which took the overall revenue to Rs 1,147 crore in Q3 FY26. For the nine-month period, the company’s revenue increased 31% to Rs 2,981 crore as compared to Rs 2,277 crore, a year earlier. On the expense side, employee benefits remained the largest cost centre, accounting for 50% of total expenses at Rs 490 crore in Q3 FY26, a 41% rise from the same quarter last year. Depreciation and amortisation expenses stood at Rs 113 crore, while direct expenses increased nearly 22% to Rs 113 crore during the quarter. Total expenses for the Alakh Pandey-led firm rose 33% year-on-year to Rs 980 crore in Q3 FY26 from Rs 738 crore in Q3 FY25. The company’s profit increased by 33% to Rs 102 crore in Q3 FY26 from Rs 77 crore in Q3 FY25. Sequentially, the company’s profit rose 46% from Rs 70 crore in Q2 FY26. At the end of today’s trading session, the Noida-based company’s share price closed at Rs 122, giving it total market capitalization of Rs 34,888 crore ($3.8 billion). PhysicsWallah made a stronger-than-expected public market debut, listing at Rs 145 per share on the NSE, a 33% premium over its issue price. The Rs 3,480 crore IPO comprised a Rs 3,100 crore fresh issue and an offer for sale of Rs 380 crore.

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