Physics Wallah, a leading Indian edtech platform, celebrated a remarkable debut on the stock market on November 18, 2025, with shares soaring over 33% above the IPO price of ₹109, listing at ₹145 on the NSE.
This strong performance stands in stark contrast to the broader challenges faced by the Indian edtech sector, which has been grappling with funding cuts, layoffs, and declining user engagement post-pandemic.
Reviving Hope in Indian Edtech
The company, founded by Alakh Pandey, has raised ₹3,480 crore through its IPO, marking it as one of the most significant listings in the sector to date.
Unlike many peers such as Byju’s and Unacademy, which have faced financial turmoil, Physics Wallah’s hybrid model of affordable online and offline education has resonated with millions of students preparing for competitive exams like JEE and NEET.
A Journey from YouTube to Stock Market
Starting as a YouTube channel in 2016, Physics Wallah quickly grew into a unicorn with a valuation surpassing $1.1 billion, driven by its low-cost, high-quality educational content.
The IPO success reflects renewed investor confidence, with shares touching an intraday high of ₹162, positioning it as the second-best new-age listing of 2025, behind only Urban Company.
Impact on the Edtech Landscape
This debut is seen as a potential turning point for the Indian edtech industry, which saw a steep decline in investments from a peak of $4.1 billion in 2021 to less than $500 million in recent years.
Physics Wallah’s focus on affordability and scalability, with over 55 lakh paying students and 180+ offline centers, offers a blueprint for sustainable growth amidst sector-wide setbacks.
Challenges and Future Outlook
Despite the rosy debut, analysts caution that sustaining profitability remains a challenge, as the company reported a net loss of ₹243.2 crore in FY25, up from ₹113.1 crore the previous year.
The funds raised are expected to fuel expansion, including more offline centers and technological advancements, but intense competition and market saturation could test its resilience.
Looking ahead, Physics Wallah’s ability to balance growth with profitability will be critical in shaping not just its future, but also the perception of edtech as a viable investment sector in India.
For now, its IPO success serves as a beacon of hope, signaling that innovation and adaptability can still thrive in a beleaguered industry.
Maria Lourdes
