Exclusive: Physicswallah revenue crosses Rs 3,000 Cr in FY25, cuts losses by 80%

Edtech unicorn PhysicsWallah (PW) recorded strong growth in FY25, with a sharp rise in revenue and a notable cut in losses, according to Entrackr sources familiar with the company’s financials.

“Physicswallah’s operating revenue grew by around 55% to over Rs 3,000 crore in the fiscal year ending March 2025,” said a source who requested anonymity, as the numbers are not yet public.

For background, the Delhi-based company recorded 140% year-on-year growth to Rs 1,940.4 crore in FY24 from Rs 744.3 crore in FY23.

As per sources, the rebound was steered by the company’s offline push, which now contributes a major share of its topline. PW expanded its footprint to 200 centers in FY25 from 124 a year earlier. The growth was supported by a healthy teacher-student ratio and efficient seat allocation. By FY25, overall enrolments rose to 5 million from 3.6 million in FY24.

The company has now expanded into over 30 test prep categories and increased offerings like more upskilling courses and IOI centers in multiple new cities, besides expanding its presence in the Gulf region.

“When it comes to the bottom line, the company narrowed losses in the range of 80% in the last fiscal year (FY25),” said the source mentioned at the beginning of the story.

Notably, PhysicsWallah’s losses widened over 13X  to Rs 1,131 crore in FY24 due to one-time non-cash charges of Rs 756 crore booked as fair value loss on compulsorily convertible preference shares (CCPS).

PhysicsWallah did not respond to queries on its FY25 numbers.

The financial improvements come as PW gears up to go public. The company has received SEBI’s nod to file its Draft Red Herring Prospectus (DRHP) and is planning to raise around Rs 4,500 crore through the IPO. The listing could value the company in the range of Rs 35,000-40,000 crore, according to sources.

Founded in 2016 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah has emerged as one of the few scaled edtech firms to maintain positive cash flows in previous fiscal years. With losses now under control, rising enrolments, and strong offline traction, PW is positioning itself as a rare success story in India’s embattled edtech sector, one that could set the tone for investor sentiment ahead of its market debut.