Share it on:
Company Overview
Physics Wallah (PW) began its journey in 2016 as an educational YouTube channel founded by Alakh Pandey. In 2020, it formally transitioned into an edtech enterprise with Prateek Maheshwari joining as co-founder. Headquartered in Noida, India, the company has rapidly evolved into one of the country’s leading online education platforms, delivering affordable, high-quality coaching for competitive examinations such as JEE, NEET, CBSE/ICSE, alongside comprehensive learning programs for K-12 students.
Business Model
Physics Wallah (PW) follows a freemium-based model, combining free offerings with premium services to maximize reach and monetization:
Free Content for Brand Building – High-quality YouTube lectures that establish trust, enhance visibility, and attract millions of learners.
Premium Subscription Services – Paid programs featuring live classes, structured tests, doubt-solving sessions, and comprehensive study materials.
Supplementary Revenue Streams – Additional income through advertising, branded merchandise, and strategic affiliate partnerships.
Market Reach
By May 2025, Physics Wallah has emerged as a leading edtech brand in India with impressive scale:
Student Base – More than 3.5 million registered learners.
Digital Presence – A strong community of 13.3 million YouTube subscribers.
Geographical Penetration – Reaches 98% of India’s pin codes through its online platforms.
Hybrid Network – A growing offline presence with 120+ learning centers nationwide.
Achievements & Growth
Unicorn Milestone – Attained in June 2022 with a $100 million Series A funding round, valuing the company at $1.1 billion.
Financial Growth – Revenue jumped from ₹744 crore in FY23 to ₹1,940 crore in FY24, though losses widened to ₹1,100 crore due to expansion-led investments.
Community-Led Engagement – Built a loyal user base through authentic founder-driven YouTube content, WhatsApp learning groups, and regional language outreach.
Recent Funding
Series B (September 2024) – Raised $210 million (₹1,750 crore), led by Hornbill Capital, with participation from Lightspeed, GSV, and WestBridge Capital. This pushed PW’s valuation to $2.8 billion (₹3,032 per share).
Bonus Issue (March 2025) – Executed a 35:1 bonus share issuance, resulting in 2,29,23,52,992 outstanding shares (Equity + CCPS) as of 31 March 2025.
IPO Plans
In March 2025, Physics Wallah confidentially filed a ₹4,600 crore (~$530 million) IPO draft with SEBI via the private pre-filing route. The IPO is expected to comprise:
Fresh Issue – Funding global expansion, AI-led learning innovations, and initiatives aimed at sustainable profitability.
Offer for Sale (OFS) – Providing existing investors with a partial exit.
Strategic Outlook
Looking ahead, PW is committed to strengthening its position in India’s edtech and hybrid learning space:
Expansion – Diversifying into K–12 education and government exam preparation.
Technology-Driven Learning – Investing in AI-powered personalized learning solutions to enhance student outcomes.
Strategic Acquisitions – Acquired FreeCo, iNeuron, Xylem Learning, and Knowledge Planet, expanding capabilities in doubt resolution, hybrid education models, and specialized exam training.
Fundamentals
| Parameter | Details | Parameter | Details |
|---|---|---|---|
| Price (Per Equity Share) | Contact us to know share price | Lot Size | 1,000 Shares |
| 52 Week High | ₹165 | 52 Week Low | ₹145 |
| Depository | NSDL & CDSL | PAN Number | AALCP1681Q |
| ISIN Number | INE0LP301011 | CIN | U80900UP2020PLC129223 |
| RTA | MUFG Intime India | Market Cap | ₹36,830 crore |
| P/E Ratio | N/A | P/B Ratio | 0 |
| Debt to Equity | -1.44 | ROE (%) | 96.5 |
| Book Value | -4.61 | Face Value | ₹1 |
| Total Shares | 2,54,00,00,000 | Status | Buy/Sell Available |
Promoters & Managements
| Name | Designation | Experience (Years) |
|---|---|---|
| Alakh Pandey | Whole Time Director | 15 |
| Prateek Maheshwari | Whole Time Director | 15 |
| Deepak Amitabh | Director | 15 |
Key Fundamentals
| Parameter | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue (₹ Cr) | 233 | 779 | 1,940 |
| Gross Margins (%) | 100 | 91.78 | 94.23 |
| EBITDA (₹ Cr) | 134 | 24 | 67 |
| EBITDA Margin (%) | 57.51 | 3.08 | 3.45 |
| PAT (₹ Cr) | 98 | 9 | -1,131 |
| Net Profit Margin (%) | 42.06 | 1.16 | -58.3 |
| EPS (₹) | 16.33 | 0.71 | -188.5 |
| Total Assets (₹ Cr) | 173 | 1,623 | 2,481 |
| Total Liabilities (₹ Cr) | 173 | 1,623 | 2,481 |
| Debt to Equity | -1.44 | -1.44 | -1.44 |
| ROE (%) | 96.5 | 96.5 | 96.5 |
| Face Value (₹) | 1 | 1 | 1 |
Balance Sheet
| Assets (₹ Cr) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 27 | 596 | 483 |
| CWIP | 5.6 | 5 | 0.3 |
| Investments | 75 | 204 | 173 |
| Trade Receivables | 2.5 | 13 | 36 |
| Inventory | 5.2 | 23 | 53 |
| Other Assets | 57.7 | 782 | 1,735.7 |
| Total Assets | 173 | 1,623 | 2,481 |
| Liabilities (₹ Cr) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Share Capital | 6 | 12.66 | 6 |
| Reserves | 100 | 962 | -1,178 |
| Borrowings | 0 | 98 | 1,687 |
| Trade Payables | 1.68 | 49 | 123 |
| Other Liabilities | 65.32 | 501.34 | 1,843 |
| Total Liabilities | 173 | 1,623 | 2,481 |
Cash Flow Summary (₹ Cr)
| Parameter | 2022 | 2023 | 2024 |
|---|---|---|---|
| PBT | 132 | 10 | -1,193 |
| Cash Flow from Operations | 70 | 230 | 212 |
| Cash Flow from Investing | -105 | -1,075 | -43 |
| Cash Flow from Financing | 0 | 888 | -165 |
| Net Cash Generated | -35 | 43 | 4 |
| Closing Cash Balance | 7 | 50 | 53 |
Share Holding Pattern
| Year | Alakh Pandey | Prateek Maheshwari |
|---|---|---|
| 2022 | 50% | 50% |
| 2023 | 50% | 50% |
| 2024 | 50% | 50% |
Frequently Asked Questions (FAQ)
Find answers to common questions, providing clarity and insights to address any queries on your mind.
Contact Us: Reach out to Unlistify to confirm availability and agree on a price.
Provide KYC: Submit your Client Master Report, PAN card, and a cancelled cheque.
Make Payment: Transfer funds to our designated bank account (RTGS/NEFT/IMPS/cheque). Ensure the payment originates from the same account where you want the shares credited.
Receive Shares: We’ll transfer the shares to your Demat account within 24 hours of payment confirmation.
Get a Quote: Unlistify will provide a buyback price for your holding shares.
Share Details: Submit your Client Master Report.
Transfer Shares: Transfer the said shares to our Demat account using a DIS (Delivery Instruction Slip).
Receive Payment: We’ll transfer funds to your bank account within 24 hours of receiving the shares (RTGS/NEFT/IMPS/cheque). For security reasons, payment will only be made to the account linked to your Demat
DIS (Delivery Instruction Slip): A DIS is a form used to authorize the transfer of shares from your Demat account.
Methods:
Offline DIS: Fill out a physical DIS form with details like the ISIN number, quantity, price of your shares, and our account information. Submit this to your broker.
Online DIS: Some brokers offer online DIS systems for easier transfers.
Unlistify aims to make unlisted share investing accessible. The current minimum investment for Unlisted Shares is approximately 35,000 – 50,000 INR. It will also vary as per shares because every share has a different price.
Limited Liquidity: Unlisted shares are not traded on public exchanges, making it potentially harder to find buyers when you want to sell.
Price Volatility: Prices can fluctuate more than listed shares due to less publicly available information.
Regulatory Changes: Regulations for unlisted shares can change, affecting their value and trading.
Company-Specific Risks: Each company has its own risks related to its industry, financials, and management.
No Guarantee of Listing: There’s no assurance that unlisted shares will ever be listed on a public exchange.
Market Leader: Unlistify is one of India’s fastest-growing unlisted share platforms.
Transparency: We provide clear information about each unlisted share, including potential risks.
Security: We prioritize the protection of your financial information.
Customer Support: Our team is dedicated to guiding you through the investment process.
Latest Funding: We consider the valuation from most recent funding round.
Comparable Companies: If there’s no recent funding, we analyze similar listed companies to estimate a fair value.
SEBI’s Influence: SEBI regulations do apply to some aspects of unlisted share trading, such as lock-in periods and transaction charges. However, there are no specific SEBI regulations for becoming an unlisted broker.
We aim for same-day transfer of Unlisted Shares to your Demat account after your payment is confirmed.
Tax Transition: Once your unlisted shares are listed and sold on an exchange, standard listed share tax rules apply.
Holding Period: Your holding period (for determining long-term vs. short-term capital gains tax) starts from the original unlisted purchase date.
