Physics Wallah

What Physics Wallah does

Physics Wallah (Physicswallah Limited) is an India-headquartered, publicly listed edtech company founded by Alakh Pandey in 2016 as a YouTube education channel and incorporated in 2020. The company provides affordable online and offline preparation for 35+ competitive and academic examinations, primarily JEE, NEET, UPSC, GATE, SSC, banking, board exams (CBSE/ICSE/state boards), and government examinations, serving students from Class 6 through postgraduate level. Its technology stack combines a proprietary learning platform (pw.live, mobile apps with 4.8 rating) with AI-powered doubt resolution, AI-driven evaluation of subjective answer sheets, and in-development proprietary models including the Aryabhata 2.0 small language model and a Socratic AI Tutor for personalized learning.

The company's product portfolio spans twelve sub-brands organized into three layers: (1) core exam preparation delivered through online courses (Rs 2,000-7,000, vs Rs 1.5 lakh+ at competitors like Allen and Aakash) and 353+ offline Vidyapeeth and Pathshala centers across 175+ cities in India and UAE; (2) verticalized offerings including PWOnlyIAS (UPSC), MBA Wallah (management entrance), MedEd (medical), CuriousJr (K-8), PW Skills (upskilling with 14 Skillshala centers), PW Talk (spoken English), AcadFly (study abroad), PW Gulf (international markets), and PW IOI (higher education via Medhavi Skills University partnership); and (3) financial services and student housing through FinZ Finance (NBFC pivoted to a technology platform) and PhysicsWallah Student Housing. Distribution is anchored by 130+ YouTube channels with 14 million+ subscribers serving as a low-cost acquisition funnel, supplemented by telecom bundles (Vi Edu+ with Vodafone Idea), e-commerce (PW Store), and a recently integrated ChatGPT Edu partnership with OpenAI.

Physics Wallah monetizes primarily through annual batch-based subscription fees across online and offline channels, with offline contributing approximately 50% of consolidated revenue. The company reported FY26 revenue of Rs 3,900 crore (35% YoY growth), EBITDA of Rs 549 crore, and its first full-year profit before tax of Rs 10 crore, after going public via a November 2025 IPO that raised Rs 3,100 crore at Rs 145 per share. Strategic positioning combines affordability leadership, a 14.2 crore cumulative student base, 5.34 million paid users, and a deliberate AI-driven cost structure (90% of doubts resolved by AI at Rs 2 vs Rs 80 for human counselors). Following the November 2025 IPO lock-in expiry, secondary share supply and continued offline center expansion represent near-term catalysts and risks.

Name

Physics Wallah

Legal name

Physicswallah Limited

Website

https://pw.live

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Physics Wallah (Physicswallah Limited) is a publicly listed Indian edtech company providing affordable online and offline preparation for 35+ competitive and academic exams, including JEE, NEET, UPSC, and board examinations, serving 5.34 million paid students across 175+ cities through digital platforms, 353+ Vidyapeeth centers, and AI-powered learning tools.

Ownership category

akta.pro rank

Product category

Education Services

NAICS

Exam Preparation and Tutoring (611691), Educational Services (611), Computer Training (61142)

SIC

Services-Educational Services (8200)

akta.pro primary industry

College-Level Core Subject Tutoring (Gen Ed: Math, Writing, Sciences, Humanities) (EDANAAAJ)

akta.pro secondary industries

K–12 Core Curriculum Small-Group Tutoring Centers (Math/ELA/Science/Social Studies) (EDANAHAA), Undergraduate Business Schools (BBA/BSBA Programs) (EDAHAHAA), University-Affiliated Pathway & Foundation Programs (EDAIAJAA)

Keywords

• Online test preparation
• Competitive exam coaching
• Live learning platform
• Offline coaching centers
• Education technology

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Online Course Fees: Physics Wallah generates primary revenue from paid online courses for competitive exam preparation including JEE, NEET, GATE, UPSC, SSC, and other government exams. Courses are priced at Rs 2,000-7,000 compared to Rs 1.5 lakh+ for competitors. The company operates on a batch-based subscription model with clear academic cycles.
2. Vidyapeeth Offline Centers: Revenue from 353+ offline classroom coaching centers (Vidyapeeth and Pathshala) providing in-person instruction for JEE, NEET, and foundation courses. The offline segment is being scaled toward profitability with 78 new centers added in FY26.
3. Offline Center Fees: Offline classroom programs contribute approximately 50% of consolidated revenue with the company targeting full EBITDA positivity for the offline segment by FY28 as newer centers mature.
4. Professional Management Program (PW IOI): Two-year Professional Management Program at Bengaluru campus with fees starting at Rs 10,00,000 for 2026-28 batch, offering specializations in Product Management & Business Analytics and Startup & Business Leadership.
5. Student Lending (FinZ Finance): Originally planned as direct lending through NBFC subsidiary FinZ Finance (Rs 15,000 to Rs 5 lakh loans), but pivoted to partnership model with third-party NBFCs. Company now operates as technology platform connecting students with lending partners.
6. PWSAT Scholarship Test: Scholarship test (PWSAT) offering up to 90% scholarships on courses, generating revenue through enrollment conversion while providing merit-based financial assistance.
7. Study Materials and Books (PW Store): E-commerce sales of study materials, books, practice papers, and merchandise through PW Store (store.pw.live), including JEE/NEET modules, previous year question papers, and NCERT solutions.
8. PW Skills Upskilling: Professional upskilling vertical offering courses in Data Analytics, Data Science, Full Stack Development, Data Structures & Algorithms, and Digital Marketing through online and 14 offline PW Skillshala centers.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels9 records

Core offering

Physics Wallah provides affordable online and offline coaching for 35+ Indian competitive exam categories including JEE, NEET, UPSC, GATE, SSC, banking, and board examinations. Its core offerings comprise live and recorded video lectures, test series, study materials, AI-powered doubt resolution, and offline classroom coaching through 353+ Vidyapeeth and Pathshala centers across 175+ cities in India and the Gulf region.

Product overview

Physics Wallah operates as a multi-platform edtech company with pw.live as its core unified learning platform serving students from Class 6 through postgraduate level across India and the Gulf region. The portfolio includes PW Skills for professional upskilling of working professionals, PW Vidyapeeth for offline JEE/NEET coaching using a Two-Teacher Model, and PW Institute of Innovation (PW IOI) for higher education management programs. Subject-specific verticals include PWOnlyIAS for UPSC preparation, MedEd for medical education, MBA Wallah for management exam prep, and CuriousJr for early learners (Class 1-8). The company has expanded into financial services through FinZ Finance (NBFC for education loans), study abroad via AcadFly, and regional markets through PW Gulf. Digital products include PW Talk (spoken English app) and PW Games (educational gaming app).

Differentiator

Problem solved

Functional benefit

Brands

• Vidyapeeth: Offline coaching centres offering classroom learning for JEE, NEET and Foundation exams with smart classrooms and qualified faculty
• Pathshala
• PW Skills
• CuriousJr
• PW IOI (PhysicsWallah Institute of Innovation)
• FinZ Finance
• PW Gulf
• PW Talk
• AcadFly
• MBA Wallah
• PW Store
• PWOnlyIAS
• MedEd

Products and services

• pw.live Online Learning Platform
• PW Vidyapeeth Offline Coaching Centers
• PW Skills Professional Upskilling
• CuriousJr K-8 Learning Platform
• PW Institute of Innovation (PW IOI)
• PWOnlyIAS UPSC Preparation
• MBA Wallah
• MedEd Medical Education
• AcadFly Study Abroad
• PW Talk Spoken English App
• PW Games Educational Gaming
• FinZ Finance Student Lending
• PW Store E-commerce
• PW Gulf Regional Operations

Quantifiable outcome

• 90% of student doubts resolved by AI at Rs 2 cost versus Rs 80 through human intervention
• +4 more outcomes

Named customers7 records

Segments8 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability7 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Darjeeling Welfare SocietyminorStrategic or Co-development Partner · 15 June 2026Partnership under the DWS Utkarsh initiative providing free coaching for 16 competitive examinations to over 10,000 students across five districts of North Bengal. Covers Agniveer, CDS, NDA, AFCAT, SSC, WBPSC, and UPSC Civil Services with coaching valued at Rs 15,000-75,000 offered free of cost.
• OpenAIcoreTechnology or Integration · 8 June 2026Partnership to integrate ChatGPT Edu across Physics Wallah's platform, providing enterprise-grade AI access to students and faculty. The initiative is part of OpenAI's broader India education push, with PhysicsWallah being one of nine Indian educational institutions and edtech platforms in the partnership.
• Vi (Vodafone Idea)coreGTM or Marketing Partner · 8 May 2026Strategic partnership to launch Vi Edu+, India's first telecom-edtech bundled offering combining unlimited 4G/5G mobile data with premium access to Physics Wallah's Pi educational platform. Plans priced at Rs 375 for Rajasthan and Rs 409 for UP East, covering access to over 30,000 video lectures for JEE, NEET, UPSC and other exams. Initial rollout in Rajasthan and UP East circles with phased expansion to other regions planned.
• Nextseed FoundationminorStrategic or Co-development Partner · 18 March 2026Acquisition of Nextseed Foundation, a Section 8 (non-profit) company, making it a wholly owned subsidiary of Physics Wallah Limited for Rs 1 lakh. The acquisition aligns with PhysicsWallah's strategy to expand its portfolio and diversify offerings within the education ecosystem.
• Xylem LearningcoreStrategic or Co-development Partner · 18 December 2025Physics Wallah increased its stake in Xylem Learning to 77.27% by acquiring additional shares for Rs 122.9 crore. The company aims to fully acquire Xylem by FY 2029-30 as part of its strategy to consolidate learning assets and support growth through funding existing and new subsidiaries.
• Medhavi Skills UniversitycoreStrategic or Co-development PartnerAcademic partnership for PW IOI's Professional Management Program where degrees are conferred by Medhavi Skills University upon completion of the 2-year program at Physics Wallah's Bengaluru campus.
• Google (Gemini AI)coreTechnology or IntegrationPartnership with Google's Gemini AI ecosystem providing AI-powered mock tests, conversational tutoring, and personalized performance analysis to Physics Wallah students. Partnership aims to provide round-the-clock academic support to students in Tier-2 and Tier-3 towns.

Scale indicators14 records

Recent moves8 records

Expansion highlights8 records

Direct peers

• Unacademy: Indian edtech platform offering live classes, video courses, and test series for JEE, NEET, UPSC, banking, and other competitive exams with a subscription-based online model directly competing with Physics Wallah's core online exam-prep business.
• Allen Career Institute: Kota-headquartered offline coaching powerhouse for JEE, NEET, and other competitive exams with brand equity across India; competes directly with PW's Vidyapeeth offline centers and is the principal 'expensive incumbent' PW benchmarks against in pricing.
• Aakash Educational Services: Pan-India offline and online test-prep chain for medical (NEET) and engineering (JEE) entrance exams owned by BYJU's; offers near-identical cohort-based coaching and competes head-on with both PW's online and Vidyapeeth offline segments.
• Vedantu: Live online tutoring platform focused on K-12, JEE, NEET, and other competitive exams using a similar subscription cohort model; competes directly with PW's online batch offerings and NCERT-aligned content positioning.
• Simplilearn: Professional upskilling provider offering online certification courses in data science, full-stack development, digital marketing, and cloud; directly comparable to PW Skills' curriculum and target learners.
• Embibe: AI-driven Indian test-prep platform focused on JEE, NEET, and board exams with adaptive learning technology; competes with PW's AI-powered doubt resolution and answer-evaluation capabilities in similar student segments.
• Infinity Learn: Sri Chaitanya-backed online JEE/NEET test-prep platform offering live classes and AI-driven practice; directly comparable to PW's online competitive exam offerings and pricing.

Broad incumbents

• BYJU'S: Largest Indian edtech incumbent with K-12, test prep (via Aakash), and upskilling offerings; despite its financial distress it remains a broad portfolio competitor whose offline coaching subsidiary directly challenges Vidyapeeth.
• upGrad: Larger online higher-education and upskilling platform covering data, tech, and management programs; competes with PW's PW Skills and PW IOI Professional Management Program for working-professional and postgraduate cohorts.

Others

• WhiteHat Jr: BYJU'S-owned K-8 coding and live learning platform; an adjacent early-learning competitor to PW's CuriousJr vertical rather than a direct test-prep rival.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/physics__wallah
• YouTubeyoutube.com/c/PhysicsWallah
• Facebookfacebook.com/people/Physics-Wallah-Alakh-Pandey/100063788144229
• LinkedInlinkedin.com/company/physicswallah
• Instagraminstagram.com/physicswallah

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds4 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Physics Wallah