In FY25, the Edtech unicorn PhysicsWallah (PW) noted 4.13 million unique transacting users across its online platforms, indicative of the company’s swift scale-up across its hybrid education network.
User growth
PW’s daily active users more than doubled, climbing from 930,000 in FY23 to 2.7 million in FY25, while the average engagement time per student rose from 93 minutes to 111 minutes. Paid users grew from 1.76 million in FY23 to 4.46 million in FY25, and the average collection per online user (ACPU) was Rs 3,682.79. PW’s primary YouTube channel, Physics Wallah, Alakh Pandey, garnered 13.7 million subscribers as of July 2025.
According to the company, they have expanded to 198 physical centres across 109 cities in India and the Middle East by March 2025. The company has diversified through apps such as PW MedEd (for NEET PG), PW Curious Jr. (for early learners), and Utkarsh (for government exams), as well as tools for parents and teachers like PW Parent and PW Drona.
Financials
On the financial front, the company reduced its net loss by 78.5% to Rs 243.3 crore in FY25 from Rs 1,131 crore a year earlier, while operating revenue rose 49% year-on-year to Rs 2,886.6 crore.
PhysicsWallah recently acquired a 40% stake in Delhi-based UPSC coaching institute Sarrthi IAS at a valuation of around Rs250 crore, with plans to increase its holding to 85% by FY2031. The company had filed its updated draft red herring prospectus (DRHP) with SEBI last month, seeking to raise Rs 3,820 crore through its upcoming IPO.