IPO-bound PhysicsWallah says paid users surge to 4.46 mn in FY25

IPO-bound PhysicsWallah has said the platform recorded 4.13 million unique transacting users on its online channel in FY25, and expanded its offerings to 13 education categories, reflecting steady growth in both scale and reach. In FY25 alone, the company recorded 4.46 million paid users, up 153% from 1.76 million in FY23, while the average collection per online user (ACPU) rose to ₹3,682.79.

The company claims the platform ranks among the top five education companies in India by revenue, with its flagship YouTube channel “Physics Wallah – Alakh Pandey” amassing 13.7 million subscribers as of July 15, 2025. "Collectively, PW’s digital presence has exploded to 98.8 million subscribers across 207 YouTube channels by June 2025, growing at an impressive 41.8% CAGR between FY23 and FY25," the company claims.

Started with free courses on YouTube, PW operates a multi-channel ecosystem, which comprises online platforms, tech-enabled offline centres and hybrid two-teacher classrooms, designed to offer maximum flexibility to students. PW says its daily active users surged from 0.93 million in FY23 to 2.70 million in FY25, while average student engagement time climbed from 93 minutes to 111 minutes during the same period.

As of March 2025, PW operated 198 physical centres across 109 cities in India and the Middle East.

In terms of social media presence, by June 30, 2025, the company had 888 channels and handles across YouTube and other social platforms, 119.27 million cumulative subscribers/followers and 22.85 billion cumulative YouTube views. PW’s 14 dedicated apps claim a 64.5 million cumulative downloads by March 2025, and its flagship app 'PW – JEE/NEET, UPSC, GATE, SSC' boasts a 4.6 rating on the Google Play Store.

PhysicsWallah IPO

The EdTech unicorn, known for its test preparation programs for JEE, NEET, GATE, and UPSC, aims to garner ₹3,820 crore through the IPO route. With this, the edtech unicorn is set to become India’s most valuable listed edtech company with a valuation of around $4 billion.

The IPO, comprising both a fresh issue of shares and an offer for sale by co-founders Alakh Pandey and Prateek Maheshwari, is likely to hit the Street by the third or fourth week of October, industry sources told Fortune India.

PhysicsWallah IPO comprises a fresh issue of equity shares worth ₹3,100 crore and an OFS by existing shareholders totalling ₹720 crore. The company had received Sebi’s nod for pre-filing in July, after initially submitting its draft papers in March through the regulator’s confidential pre-filing route.

The IPO comes at a time when investor confidence in the edtech sector has been severely shaken by the struggles of peers such as SoftBank-backed Unacademy, Tiger Global-backed Vedantu, and Byju Raveendran’s Byju’s.