EdTech Unicorn PhysicsWallah Bets Big: ₹460.55 Cr IPO Proceeds Fuel Aggressive Offline Expansion

PhysicsWallah just placed a massive bet on brick-and-mortar education—and it's using shareholder money to do it.

The Funding Gambit

Fresh from its public offering, the EdTech giant is channeling a whopping ₹460.55 crore into physical centers. That's nearly half a billion rupees aimed at conquering Main Street after dominating digital learning.

Why Go Analog?

While competitors bleed cash on customer acquisition, PhysicsWallah is building classrooms. The move signals a brutal truth about EdTech's ceiling—sometimes you need actual walls to scale.

Market Calculus

The allocation represents one of the largest post-IPO physical infrastructure plays in Indian EdTech history. Investors clearly bought the vision, but now they'll want ROI measured in concrete and student footfalls.

PhysicsWallah just turned its IPO into a real estate war chest—proving that even digital natives eventually need to touch grass. Or in this case, lay bricks.

IPO details and expansion plans

PhysicsWallah will launch its IPO through a fresh equity issue of ₹3,100 crore and an offer for sale (OFS) of ₹720 crores.

The new centers will operate on a leasehold basis, though the company has yet to finalise exact locations. According to the Draft Red Herring Prospectus (DRHP), potential expansion includes tier-2 and tier-3 cities such as Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat, and Chennai. The final choice of cities will depend on demographic demand, lease economics, and other prevailing business conditions.

While several players have scaled back operations or pivoted in response to funding constraints, PW is doubling down on physical infrastructure. This strategy mirrors the broader industry trend toward “phygital” models, where offline presence complements digital reach, offering students both accessibility and credibility.

Published on September 25, 2025