Finshots Daily The PhysicsWallah IPO explained
Nov 12, 2025
Dive into the fascinating journey of PhysicsWallah, from its humble YouTube beginnings to becoming a major contender in India's test prep market. Discover how the company combines low-cost, high-quality education with a hybrid model of online and offline learning. The discussion highlights its impressive financial growth and expansion strategy, while also addressing challenges like rising costs and faculty attrition. Finally, insights into the IPO structure and its implications for the future of edtech are explored, raising critical questions for potential investors.
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Test-Prep Is The Explosive Core
- Test-prep became the most commercially explosive segment of Indian education, worth about ₹1 lakh crore and growing double digits.
- Edtech standardized quality and scaled top teachers, changing a fragmented coaching market into larger organized players.
Humble YouTube Origins
- Alok Pandey started teaching physics in Prayagraj and uploaded free lectures to YouTube, which rapidly gained millions of views.
- By 2020 he launched an app and expanded into chemistry, maths and bio, building a trusted, low-cost brand.
Hybrid Funnel Converts Attention To Revenue
- PhysicsWallah built a hybrid funnel: free online content attracts students who convert to paid offline or hybrid classes.
- About 95% of 46 million students engage online and 70% of offline enrolments are repeat users from the app or YouTube.