IPO-bound PhysicsWallah to invest ₹460 crore in offline, hybrid centers

PhysicsWallah will use ₹460.55 crore from IPO proceeds to set up Vidyapeeth, Pathshala and Other Centers across India and select overseas markets to expand offline reach

Edtech unicorn PhysicsWallah, which is eyeing an initial public offering (IPO), is planning to ramp up its offline presence in the country and select overseas markets, according to the details mentioned in DRHP. The company has earmarked ₹460.55 crore from the IPO proceeds for setting up new offline and hybrid centres in India, it said.

 

Of this, ₹234.37 crore will go towards Vidyapeeth centres that focus on JEE, NEET, and foundation courses; ₹49.89 crore towards hybrid Pathshala centres, where students attend live-streamed online classes with on-site faculty support; and ₹176.29 crore towards “Other Centres”, which will cater to diverse segments including defence, chartered accountancy, government exams, and vocational skills.

 

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The company is preparing to hit the capital markets with a fresh equity issue of ₹3,100 crore and an offer for sale (OFS) of ₹720 crore.

 

PhysicsWallah’s offline push is being guided by data-driven insights from its online student community. While the company is yet to finalise the exact locations, there could be potential expansion into tier-II and tier-III 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, the company said in a statement.

 

On identifying areas of demand, PhysicsWallah said, “By leveraging digital engagement metrics, the company identifies potential demand clusters before deciding whether to launch new Vidyapeeth or Pathshala centres or enter new course categories through PW Other Centres. This hyperlocal hub-and-spoke strategy is designed to provide local access to quality coaching while reducing student migration to bigger cities.”

 

The expansion marks a shift in PhysicsWallah’s model, which started as a pure-play digital learning platform. As of March 31, 2025, the firm operated 198 offline centres across 109 cities in India and the Middle East. The centres functioned under three formats — PW Vidyapeeth, PW Pathshala, and PW Other Centres.

 

Between FY23 and FY25, PhysicsWallah’s offline footprint grew at a compound annual growth rate (CAGR) of 165.9 per cent.