PhysicsWallah was founded by Alakh Pandey and Prateek Maheshwari in 2020.
Explore the story of PhysicsWallah founders Alakh Pandey and Prateek Maheshwari, from affordable YouTube lessons to unicorn status, offline expansion and a major 2025 IPO.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Alakh Pandey, Prateek Maheshwari |
| Prior Ventures | Prateek Maheshwari – Founder, PenPencil, NightPanda, Moon2Noon |
| Role | Co-Founder and CEO, PhysicsWallah (Alakh Pandey) |
| Founded | 2020 |
| Sector | EdTech |
Introduction
Alakh Pandey never planned to build a company; he simply wanted to teach physics to students who couldn’t afford expensive coaching. In 2014, he began uploading free physics and chemistry lessons to YouTube, and by 2020, that channel had grown large enough to become a business, formally launched with co-founder Prateek Maheshwari as Physics Wallah Private Limited. (Storyboard18) Five years later, PhysicsWallah became the first Indian edtech company to go public, listing on the NSE and BSE in November 2025. (Business Standard)
The PhysicsWallah Story
Before founding PhysicsWallah, Prateek Maheshwari had already built and run several ventures, including PenPencil, NightPanda, and Moon2Noon, giving him operations and growth experience that complemented Pandey’s teaching background. (StartupTalky) The two met in 2019, and Maheshwari helped Pandey launch the PW app in May 2020, an app that crashed on its very first day after receiving 300,000 downloads within a week. (YourStory)
From the outset, PhysicsWallah’s core pitch was radical affordability: full-year JEE and NEET preparation courses priced at roughly ₹999, compared to the ₹1.5 lakh charged by traditional coaching hubs like Kota. (Startup Samadhan) That pricing, combined with organic growth driven almost entirely by Pandey’s YouTube following, helped the company scale with unusually low marketing spend for the sector. (Business Standard)
PhysicsWallah reached unicorn status in June 2022 after raising $100 million from WestBridge Capital and GSV Ventures at a $1.1 billion valuation. (Finowings) From there, the company expanded aggressively into offline coaching centres, opening over 120 new centres in FY25 alone to take its total past 200 nationwide. (Business Standard) That hybrid online-offline strategy culminated in a ₹3,480 crore IPO in November 2025, which valued the company at roughly $4.1 billion. (CB Insights)
Business Model
PhysicsWallah earns revenue through a mix of low-cost online subscriptions and higher-margin offline coaching:
| Revenue Stream | How It Works |
|---|---|
| Online test-prep courses | Affordable subscription-based courses for JEE, NEET, and other competitive exams |
| Offline and hybrid centres | Higher-ARPU in-person coaching, the fastest-growing segment |
| Upskilling courses | PW Skills programs in data science, banking, and software development |
| Higher education and study abroad | PW Digital University and international education placement services |
(Sourced from Finshots)
Funding and IPO History
| Round/Event | Year | Amount | Key Investors |
|---|---|---|---|
| Series A | Jun 2022 | $100 million | WestBridge Capital, GSV Ventures |
| Series B | Sep 2024 | Undisclosed | Lightspeed, Hornbill Capital |
| Secondary rounds | 2025 | Undisclosed | Existing investors, at a $4.1 billion valuation |
| IPO | Nov 2025 | ₹3,480 crore (~$393 million) | Public listing on NSE/BSE |
(Sourced from G2 and CB Insights)
Overall, PhysicsWallah has raised roughly $310 million to date, and its November 2025 IPO priced the company at approximately $4.1 billion, making it one of the year’s largest Indian edtech listings. (CB Insights)
Revenue and Growth
| Metric | FY24 | FY25 |
|---|---|---|
| Revenue | ₹1,950 crore | ₹3,039 crore (up ~53%) |
| Net Loss | ₹1,131 crore | ₹243 crore (down ~78%) |
(Sourced from Finshots)
Notably, the FY24 loss was inflated by one-off goodwill write-offs and non-cash accounting charges, and PhysicsWallah’s offline business alone grew from ₹281 crore to ₹1,352 crore in revenue between FY23 and FY25, becoming the company’s key growth driver. (Finshots)
PhysicsWallah vs Competitors
PhysicsWallah competes with BYJU’S, Unacademy, and Vedantu in India’s test-prep and K-12 edtech market. (StartupTalky) Unlike several peers that struggled through the post-pandemic edtech slowdown, PhysicsWallah has been frequently cited as a rare bright spot, having reached the public markets while narrowing losses sharply, a contrast that has shaped much of the recent commentary on India’s edtech sector.
Key Takeaways
- Alakh Pandey and Prateek Maheshwari founded PhysicsWallah in 2020, building on a YouTube channel Pandey started in 2014.
- The company became a unicorn in 2022 at a $1.1 billion valuation and raised roughly $310 million before going public.
- PhysicsWallah listed on the NSE and BSE in November 2025 via a ₹3,480 crore IPO, valuing it at roughly $4.1 billion.
- FY25 revenue grew about 53% to ₹3,039 crore, while losses narrowed roughly 78% to ₹243 crore.
- The company competes with BYJU’S, Unacademy, and Vedantu in India’s edtech market.
FAQs
Who founded PhysicsWallah?
Alakh Pandey and Prateek Maheshwari founded PhysicsWallah in 2020, building on Pandey’s YouTube teaching channel.
Is PhysicsWallah a public company?
Yes, it listed on the NSE and BSE in November 2025 following a ₹3,480 crore IPO.
How much funding has PhysicsWallah raised?
Roughly $310 million, reaching a valuation of about $4.1 billion at its 2025 IPO.
Who are PhysicsWallah’s competitors?
BYJU’S, Unacademy, and Vedantu in India’s test-prep and K-12 edtech space.
© The Founder Nation | Written by TFN Research Desk
