The Morning Brief Physics Wallah Founders on IPO, Growth and Losses
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Nov 13, 2025 Join Alakh Pandey, the face of Physics Wallah and former YouTube educator, and Prateek Maheshwari, the co-founder steering its business strategy, as they share insights into their journey from a simple online channel to a $2.8 billion unicorn aiming for IPO. They discuss investor sentiment, current financial strains, and future revenue strategies. Discover their innovative approach to offline expansion and the importance of regional outreach. With a focus on AI in education, they navigate the challenges and opportunities in the evolving edtech landscape.
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Unicorn Rise Met Tepid Market Reception
- Physics Wallah grew from a 2016 YouTube channel to a $2.8B unicorn and launched a ₹3,480 crore IPO.
- Despite the rise, initial market demand and IPO subscriptions were muted, signaling investor caution.
Fast Revenue Growth Amid Rising Losses
- Revenue grew ~4x from FY23 to FY25 with near 97% CAGR while EBDA rose alongside revenue.
- Founders stress rising losses are linked to growth investments rather than deteriorating unit economics.
Plan Multi-Year Returns For New Categories
- Expect new exam-category bets to be loss-making in year one as you build distribution and teach free on YouTube.
- Plan for break-even in year two and meaningful cash generation in year three.