PhysicsWallah IPO: From slipper showdown to harassment, edtech discloses unusual safety incidents in DRHP

The company said the episode highlighted the risks of disruptive behaviour as it expands into offline learning centres.

"Failure to protect students' safety and security may negatively impact our reputation and business," the company stated in its updated draft red herring prospectus (DRHP) filed last week.

PhysicsWallah also cited other troubling cases. In 2023, a video showing a staff member pushing a student at one of its offline centres circulated on social media. The staffer was later terminated following an internal probe.

Another serious case surfaced in June 2024, when a first information report (FIR) was lodged against a company employee after a ceiling fan fell on a student at a New Delhi centre. The charges involved negligent conduct and endangerment of safety, though the matter has since been settled and disposed of.

"In another incident in 2023, a student was seen threatening a faculty member with a slipper over a video call," the draft papers noted.

The company acknowledged that ensuring student welfare has become an area of concern for the education sector, amid growing reports of harassment and victimisation across institutions.

Founded in 2020, PhysicsWallah is looking to raise ₹3,820 crore through its initial public offering (IPO), comprising a fresh issue of equity shares worth ₹3,100 crore and an offer for sale (OFS) of shares aggregating up to ₹720 crore by promoters.

Both promoters, Alakh Pandey and Prateek Boob, will each offload shares worth ₹360 crore through the OFS. At present, both hold a 40.35% stake each in the company.

PhysicsWallah offers test preparation courses for competitive exams focusing on JEE, NEET, GATE, and UPSC, along with upskilling programmes, delivered through online platforms (YouTube, website, and apps), tech-enabled offline centres, and hybrid centres that combine online teaching with in-person support.

Its main YouTube channel, "Physics Wallah-Alakh Pandey", had about 13.7 million subscribers as of July 15, 2025, while its overall YouTube network had 98.8 million subscribers by June 30, 2025, growing at a CAGR of 41.8% between FY23 and FY25. Apart from its strong digital presence, PhysicsWallah has also built a significant offline footprint.

The company, which is backed by WestBridge Capital, Hornbill, and GSV Ventures, narrowed its losses to ₹243 crore in the year ended March 2025 from ₹1,131 crore in the preceding year. However, revenue rose to ₹2,887 crore, up from ₹1,941 crore in the same period.