Indian education technology platform PhysicsWallah has filed for an initial public offering (IPO) worth 38.20 billion rupees ($437 million), draft documents revealed, as momentum builds in India’s listings market. The country’s edtech sector has endured a tough few years, with SoftBank-backed Unacademy and Tiger Global-backed Vedantu cutting staff, while Byju’s once valued at $22 billion faces insolvency pressures from U.S. lenders. Backed by WestBridge and Hornbill Capital, PhysicsWallah aims to raise 31 billion rupees through fresh equity issuance, with the remainder coming from a share sale by co-founders Alakh Pandey and Prateek Boob, according to Saturday’s filing. Valued at $2.8 billion as of September last year, the platform plans to use the IPO proceeds to expand physical coaching centres, cover rentals, strengthen technology and marketing, and pursue acquisitions. For the financial year ended March 31, PhysicsWallah’s revenue from operations jumped 49% to 28.87 billion rupees, with its restated loss narrowing to 2.43 billion, from 11.31 billion a year earlier. PhysicsWallah filed draft papers with the market regulator through the confidential route to raise about 46 billion rupees, the Times of India newspaper said in March, citing sources. The startup did not disclose if it is downsizing its offering. After a slow start to the year, the Indian IPO market has picked up pace, with dairy products maker Milky Mist and Tiger Global-backed home and beauty services Urban Company filing to go public in recent months.
Edtech giant PhysicsWallah moves to raise $437m via IPO
