PhysicsWallah’s Removes ‘PVT LTD’ From it’s Name Before IPO

PhysicsWallah, a leading Edtech unicorn, has turn into a public company as it prepares for its initial public offering (IPO) in 2025.

Alakh Pandey and Prateek Maheshwari founded the company in 2020, and it currently offers offline and hybrid centers in over 105 locations across India.
Earlier this month, the board of directors of the edtech unicorn authorized a resolution to rename the company PhysicsWallah Limited from PhysicsWallah Private Limited in order to become a public company.

“The board of directors of the company be and is hereby accorded to change the name of the company from “PHYSICSWALLAH PRIVATE LIMITED” to “PHYSICSWALLAH LIMITED” by deleting the word “Private” before the word “Limited” in the name of the company and accordingly amend the name clause of the Memorandum of Association of the company and all such other papers, documents and matters be made to give effect to the changed name,” the company said in a regulator.

Related: Edtech Unicorn Physics Wallah Records Heavy Loss In FY24, Worth INR 1,131 Cr

Earlier this year, it was reported that the company has appointed Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as bankers for its anticipated $400 million to $500 million IPO next year.

The edtech behemoth intends to float its equity shares on “one or more stock exchanges”.

Its educational services include two Gurukulam Schools, test preparation in 43 categories, a skilling vertical, and verticals for higher education and studying abroad.

It also claims to provide free education to more than 4.6 million pupils via its 112 YouTube channels in five vernacular languages.

Notably, the edtech giant raised $210 million in its Series B fundraising round, led by Hornbill Capital, in September of this year, at a valuation of $2.8 billion. Lightspeed Venture Partners and previous investors GSV Venture and WestBridge Capital also took part in the round.

PhysicsWallah became a unicorn in 2022 after raising a $100 million fundraising round from Westbridge and GSV Ventures at a valuation of $1.1 billion. Since then, it has expanded its capabilities by entering the offline market and purchasing several companies.

PhysicsWallah’s net loss increased to INR 1,131.2 Cr from INR 84.06 Cr in FY23. Operating revenue increased by 2.6 times to INR 1,940.4 crore in FY24 from INR 744.3 crore the previous year.