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PhysicsWallah’s surge signals renewed hope for India’s rebuilding edtech sector

EdTech

Business Honor
24 November, 2025

Strong IPO, hybrid expansion and university partnerships position India’s edtech market for revival

India's edtech sector is entering a crucial rebuilding phase after the dramatic collapse of Byju's, once the country's most celebrated online learning company. With funding slowing down and investors' confidence shaken, the spotlight has now shifted to PhysicsWallah, whose strong market debut is being viewed as a potential turning point for the industry. The ed-tech ecosystem has seen a significant shift in the way business strategies have been framed of late. Consecutive years of depleted venture capital funding, together with the toppling of category leaders, have shoved companies into more practical hybrid learning models and upskilling programs in collaboration with universities.

The PhysicsWallah IPO has crossed all milestones. Its shares rallied around 49% on the first day of trading, valuing the firm at around USD 5.2 billion. An issue price band ranging from Rs 103 to Rs 109 each helped PW raise about Rs 3,480 crore. A substantial part will go to expand its hybrid learning network. Opening of 60-70 new offline centers in six months and 200 centers in three years is in the pipeline, aiming for 55% and 45% online-offline revenue by FY30. Affordability and measured spending form the bedrock of PW's strategy. Its low-cost learning app Pi, at just Rs 300 a month, reinforces its lead in regions where physical coaching centers would be tough to scale.

Beyond test preparation, a growing number of India's edtech companies are partnering with universities to offer job-focused upskilling programs and micro-credentials. Such tie-ups support revenue stability and reduce customer acquisition costs while helping institutions achieve industry-aligned learning at scale. Though PhysicsWallah alone cannot revive the entire sector, it points toward a pathway for sustainable growth. And if indeed more companies adopt balanced models and focus on learning outcomes, India's edtech market could finally be on the road to a steady and credible comeback.