PhysicsWallah IPO: Edtech unicorn files confidential DRHP for ₹4,600 crore public issue

The initial share sale, which could be around $500 million (about ₹4,600 crore) will consist of issuing new equity shares as well as an offer for sale (OFS) component, the report said.

The confidential filing, which was introduced by SEBI in November 2022, allows companies to submit IPO documents privately to protect sensitive information, including financials. Other companies that preferred confidential routes include Tata Play, Vishal Mega Mart, Swiggy, OYO, and Indira IVF.

The company is backed by investors such as Westbridge Capital, Lightspeed Venture Partners, GSV Ventures, and Hornbill Capital.

In September 2024, PhysicsWallah had raised $210 million at a valuation of $2.8 billion. The funding round was led by Hornbill Capital and saw participation from Lightspeed Ventures Partners, GSV Ventures, and WestBridge Capital.

In a statement, the company said, "PhysicsWallah Pvt Ltd (PW) has closed its series B funding round, raising USD 210 million. This investment brings the company's post-money valuation to an impressive USD 2.8 billion, 2.5x (times) jump over its last valuation of $1.1 billion."

This came amid the dry spell of funding in the Indian education technology sector with a major dip in the valuation of big edtech firms.

According to the PhysicsWallah website, it has more than 14,000 video lectures and 80,000 practice papers. The edtech platform prepares students for more than 35 exam categories, including NEET, IIT JEE, UPSC, government jobs, school preparation, CA, GATE, and law among others.