IPO Cooking: Physics Wallah seeks investment bankers for its market debut in 2025.
Physics Wallah, founded in 2020 by Alakh Pandey and Prateek Maheshwari, provides tech-enabled offline and hybrid coaching, test preparation, skilling, and study abroad services.
Physics Wallah, an edtech unicorn, plans to IPO on stock exchanges next year after raising $210 million in funding recently.
At least 10 investment banks have received RFPs to pitch for upcoming IPOs. (Source)
Business intends to "aggressively pursue" its IPO and aim for a valuation beyond $2.8 billion, which is higher than the amount raised in its ;ast investment round this week.
If its IPO preparations are successful, Physics Wallah will be India's first edtech business to list on a stock exchange.
On September 20, Physics Wallah announced a $210 million Series B fundraising round, led by Hornbill Capital.
In 2022, it became a unicorn after obtaining $100 million in capital from WestBridge and GSV, valuing it at $1.1 billion.
It competes with BYJU'S, Unacademy, Vedantu, and others.
In FY23, Physics Wallah's net profit decreased by over 90% to INR 8.9 Cr. However, operating revenue increased by 234% to INR 779.3 Cr.