Drashti Chheda Edtech unicorn PhysicsWallah is once again making waves in India’s capital markets. The Noida-based company, founded by the charismatic Alakh Pandey and co-founder Prateek Boob, has filed its updated draft red herring prospectus (UDRHP) with Sebi, setting the stage for a ₹3,820 crore initial public offering. The fresh filing follows its earlier confidential submission in March and the regulator’s nod in July, bringing the IPO journey one step closer to reality.
The proposed issue is split between a fresh equity raise of ₹3,100 crore and an offer for sale (OFS) of ₹720 crore. Both Pandey and Boob, who each currently hold 40.35 percent of the company, will offload shares worth ₹360 crore apiece in the OFS. The decision reflects a balance between founders monetizing part of their stake while retaining majority control, signaling confidence in the company’s growth trajectory.
The IPO proceeds are earmarked for an ambitious mix of expansion and infrastructure. PhysicsWallah has been doubling down on its offline and hybrid learning strategy, and nearly ₹460 crore will go toward new center fit-outs. Another ₹548 crore will fund lease payments for existing facilities. Investments are also planned in its subsidiaries, including ₹47 crore for Kerala-based Xylem Learning and ₹33.7 crore for Utkarsh Classes. Beyond physical expansion, the company is committing over ₹200 crore to strengthen its server and cloud backbone, ₹710 crore toward aggressive marketing initiatives, and ₹26.5 crore to acquire additional stake in Utkarsh Classes.
What makes this IPO particularly interesting is the timing. PhysicsWallah has evolved from a scrappy YouTube channel into a household edtech brand with serious offline
