• PhysicsWallah becomes the first Indian edtech unicorn to receive SEBI approval for IPO via the confidential route.
• Company targets Rs 4,600 crore through a mix of fresh issuance and offer-for-sale.
• IPO signals investor confidence and could set a precedent for edtech listings in India.

PhysicsWallah, India's first edtech unicorn, has received SEBI regulatory approval to proceed with its Initial Public Offering (IPO). The company had submitted its draft red herring prospectus (DRHP) in confidence in March 2025, and the approval is a big milestone in its foray into the stock market.

With this green light, PhysicsWallah is looking to raise about Rs 4,600 crore (approx. $533 million) in a combination of fresh issue and an offer-for-sale. The IPO is supported by marquee investors such as Lightspeed, WestBridge, Hornbill Capital, and GSV Ventures. With a valuation of around $2.8 billion, it is to be the first Indian edtech unicorn to float through the confidential SEBI route.

Also Read- Edtech unicorn PhysicsWallah appoints Sumit Rewri as PW OnlyIAS CEO

Preparation for listing saw the firm add three independent directors to its board earlier in the year to comply with public company governance standards. It also hired Satish Sharma as Chief Marketing Officer to enhance its branding and offline growth plan.

While it reported revenue of Rs 1,940.4 crore and a loss of Rs 375 crore in FY24, the company is eyeing more than Rs 1,000 crore in revenue from its increasing offline verticals in the current year. PhysicsWallah is fast scaling up its physical presence by opening new centers in tier-1 and tier-2 cities across the country.

When a number of edtech companies are struggling with the problems of scaling and funding, PhysicsWallah's IPO might be an indicator for the industry. It reflects increasing investor optimism about edtech models that are sustainable and might bring down the barriers for more edtech startups that are tech-enabled to experiment with the public markets.