PhysicsWallah’s hybrid model fuels Rs 3,000-Cr growth ahead of IPO

From YouTube lessons to a Rs 3,000-crore revenue enterprise headed for an initial public offering (IPO), PhysicsWallah (PW) has joined the small group of Indian edtech firms that have reached this scale, driven by both its online engine and a fast expansion of offline and hybrid centres.

PW has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an IPO worth Rs 3,820 crore.

In fiscal year 2025, the company reported operating revenue of Rs 2,886.6…