By Bl Bengaluru Bureau

Copyright thehindubusinessline

EdTech unicorn PhysicsWallah (PW) is expanding its offline presence in India and select overseas markets, with plans to invest ₹460.55 crores from its upcoming IPO proceeds to establish new offline and hybrid centers across India, according to its DRHP.

The investment will be allocated across three categories: ₹234.37 crores towards Vidyapeeth centers that focus on JEE, NEET, and foundation courses; ₹49.89 crores towards hybrid Pathshala centers, where students attend live-streamed online classes with on-site faculty support; and ₹176.29 crores towards “Other Centers,” which will cater to diverse segments including defense, chartered accountancy, government exams, and vocational skills.

As of March 31, 2025, the company operated 198 offline centers across 109 cities in India and the Middle East under three formats: PW Vidyapeeth, PW Pathshala, and PW Other Centers. The company’s offline footprint has grown at a staggering compound annual growth rate (CAGR) of 165.9%.

IPO details and expansion plans

PhysicsWallah will launch its IPO through a fresh equity issue of ₹3,100 crore and an offer for sale (OFS) of ₹720 crores.

The new centers will operate on a leasehold basis, though the company has yet to finalise exact locations. As per its DRHP, the expansion includes tier-2 and tier-3 cities such as Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat, and Chennai. The final choice of cities will depend on demographic demand, lease economics, and other prevailing business conditions.

While several players have scaled back operations or pivoted in response to funding constraints, PW is doubling down on physical infrastructure. This strategy mirrors the broader industry trend toward “phygital” models, where offline presence complements digital reach, offering students both accessibility and credibility.

Published on September 25, 2025