India’s education market is expected to reach ₹24-26 lakh crore ($300–310 billion) by the financial year 2030 (FY30), growing at a compounded annual growth rate (CAGR) of nearly 10% over the next five years, as per the IPO document filed by PhysicsWallah with the Sebi.

PhysicsWallah, in its updated draft red herring prospectus (UDRHP), pegged the sector at ₹15-16 lakh crore (US$185–195 billion) in FY25, accounting for around 5% of the country’s GDP at current prices.

The filing highlights that India’s education market is on a strong growth trajectory, with rising accessibility and affordability fuelling demand, particularly in Tier-2 and smaller cities. These regions already make up a significant portion of the market, accounting for about 43% in FY25. Their share is projected to climb further to nearly 46% by FY30.

“These cities and urban centres are experiencing a structural shift fuelled by better infrastructure development and rising aspirations among students and parents,” the document highlighted.

As per the report, India has a young demographic, with around 44% of the population under the age of 25 in as of 2024 (as per UN data), driving sustained and structural demand for education services. Rising enrolment rates in secondary and tertiary education, digital penetration in smaller cities, shifting parental and student aspirations, and policy support are several other structural factors that are expected to drive the expansion of India’s education market over the next five years.

The report also highlighted that the online education market in India is witnessing steady growth, with online penetration rising from 2% in FY22 to 4% in FY25 and is expected to reach 7% by FY30. Valued at ₹550-600 billion ($6.8-7.3 billion) in FY25, the market is projected to expand at a CAGR of 26% to reach ₹1,700–1,900 billion (US$21-23 billion) by FY30.

Among India’s top five education companies by revenue, PhysicsWallah is the largest in India in terms of student community. Its flagship YouTube channel, “Physics Wallah – Alakh Pandey”, had around 13.7 million subscribers as of July 15, 2025, according to a Redseer report mentioned in the UDRHP. Across all YouTube channels, the community reached 98.8 million subscribers by June 30, 2025, growing at a CAGR of 41.8% between FY23 and FY25.

Beyond its digital footprint, PhysicsWallah also maintains a significant offline presence, contributing meaningfully to its overall revenue.

On the financial front, the edtech unicorn posted consolidated revenue of over ₹2,000 crore in FY24, with standalone revenue crossing ₹1,600 crore. Its revenue mix reflected a 55:45 split between online and offline offerings.

PhysicsWallah, known for its test preparation programs for JEE, NEET, GATE, and UPSC, looks to raise ₹3,820 crore through the IPO route. The IPO comprises a fresh issue of equity shares worth ₹3,100 crore and an offer for sale (OFS) by existing shareholders totaling ₹720 crore.

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