PhysicsWallah has turned into a public company, as it prepares for its initial public offering (IPO) in 2025
The edtech unicorn’s board approved a resolution to change it into a public company by renaming it to PhysicsWallah Limited from PhysicsWallah Private Limited
The edtech major said it plans to list its equity shares on “one or more stock exchanges”
Edtech major PhysicsWallah
has turned into a public company, as it prepares for its initial public offering (IPO) in 2025.
Earlier this month, the edtech unicorn’s board approved a resolution to change it into a public company by renaming it to PhysicsWallah Limited from PhysicsWallah Private Limited.
“… the board of directors of the company be and is hereby accorded to change the name of the company from “PHYSICSWALLAH PRIVATE LIMITED” to “PHYSICSWALLAH LIMITED” by deletion of the word “Private” before the word “Limited” in the name of the company and accordingly amend the name clause of the Memorandum of Association of the company and all such other papers, documents and matters be made to give effect of the changed name accordingly,” the company said in a regulatory filing.
The edtech major said it plans to list its equity shares on “one or more stock exchanges”.
Earlier this year, it was reported that the company had finalised Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as the bankers for its proposed $400 Mn to $500 Mn IPO next year.
Notably, the edtech major raised $210 Mn in its Series B funding round, led by Hornbill Capital, in September this year at a valuation of $2.8 Bn. Lightspeed Venture Partners and existing investors GSV Venture and WestBridge Capital also participated in the round.
PhysicsWallah turned unicorn in 2022 after raising a $100 Mn funding round from Westbridge and GSV Ventures at a valuation of $1.1 Bn. Since then, it has expanded its offerings by entering the offline space and acquiring multiple companies.
Founded in 2020 by Alakh Pandey and Prateek Maheshwari, the company currently operates offline and hybrid centres in more than 105 cities in India.
Its offerings span various educational segments, including two Gurukulam Schools, test preparation in 43 categories, a skilling vertical, and higher education and study abroad verticals.
It also claims to offer free education to over 4.6 Cr students through its 112 YouTube channels in five vernacular languages.
In the financial year ending March 2024 (FY24), PhysicsWallah’s net loss zoomed to INR 1,131.2 Cr from INR 84.06 Cr in FY23. Operating revenue increased 2.6X to INR 1,940.4 Cr in FY24 from INR 744.3 Cr in the previous year.
