When an Indian YouTuber-turned-teacher announces a ₹3,480 crore IPO,(PhysicsWallah IPO) it’s not just a startup story — it’s a business case study for every MSME, solopreneur and young founder in Bharat.
Alakh Pandey’s PhysicsWallah is everywhere in the news — not only because it’s entering the stock market, but because the company did the unthinkable:
✅ Built a unicorn without burning VC money
✅ Stayed profitable longer than most ed-tech giants
✅ Became a billion-dollar brand from a small room in Prayagraj
✅ And now, is set to list publicly before BYJU’S, India’s biggest ed-tech name
And that’s exactly why the media keeps comparing PhysicsWallah with BYJU’S.
But Alakh Pandey doesn’t like that comparison.
“External competition comes later. I don’t compare myself with anyone. I focus on my students.” – Alakh Pandey
So what makes this IPO such a big deal?
And why is Alakh Pandey being celebrated while BYJU’S is struggling?
Let’s break it down.
you may also like to read: Alakh Pandey: The Entrepreneur Who Transformed PhysicsWallah Into India’s Most Trusted Learning Platform
| Factor | PhysicsWallah | BYJU’S |
|---|---|---|
| Founder persona | Teacher first, CEO later | Business first, teacher later |
| Capital raised (before IPO) | ~$100M | $5.8B+ |
| Profitability | Profitable early, minimal burn | Heavy losses, debt pressure |
| Pricing | ₹4,000–₹7,000 courses | ₹50,000+ packages |
| Target market | Tier 2–3, middle-class Bharat | Metro, premium segment |
| IPO status | Filing + valuation confirmed | IPO not in sight |
➡️ PW is taking the small-budget, high-trust route.
➡️ BYJU’S took the high-spend, high-valuation route.
PhysicsWallah grew without giant marketing budgets, while BYJU’S spent ₹4,000+ crore on ads.
Started as a YouTube channel in Hindi, not an English-only metro product.
While most ed-techs are laying off and shrinking, PhysicsWallah is hiring and expanding — even opening 500 offline centres.
Investors love that the brand is linked to credibility, not celebrity.
Reason 1 – Different mission
BYJU’S wanted “largest ed-tech in the world.”
PW wants “affordable education for common students.”
Reason 2 – Different customers
BYJU’S sells to parents.
PW speaks directly to students.
Reason 3 – Different business models
BYJU’S = sales-heavy, EMI-based premium model
PW = low-price + high-volume + trust model
Reason 4 – Competing with giants is a trap
PW doesn’t want to be “cheaper BYJU’S”.
It wants to be “first PhysicsWallah”.
PhysicsWallah’s IPO is not just a financial event.
It’s the victory of a teacher over a sales team,
of Bharat over Delhi-Bangalore metros,
and of “purpose-driven business” over “hyper-funded scaling”.
BYJU’S may have more money.
But PhysicsWallah has more trust — and in 2025, trust is the real currency.
Because it is one of the rare ed-tech companies going public while most funded startups are cutting costs or facing losses. PhysicsWallah has shown a profitable, Bharat-focused model, which makes its IPO different from cash-burn platforms.
Not in revenue or global footprint, but PhysicsWallah is currently healthier as a business — low debt, smaller expenses, high trust, and a confirmed IPO. BYJU’S, on the other hand, is battling debt, layoffs, legal cases, and investor exit issues.
Because PhysicsWallah was built on a different mission — affordable education for common students — while BYJU’S followed a premium, high-sales, high-funding model. Alakh wants PW to be seen as its own category, not a cheaper alternative.
Yes, unlike most ed-tech startups, PhysicsWallah stayed profitable in its early years, thanks to a low-cost, high-volume strategy and limited marketing burn. Some quarters showed temporary losses due to expansion, but the core model is sustainable.
As of now, no confirmed date. BYJU’S needs to resolve legal, financial, and investor issues first. PhysicsWallah has overtaken it in IPO race despite being smaller, because it is more stable as a business.
Founder Alakh Pandey and co-founder Prateek Maheshwari still hold majority stake, making PW one of the few Indian unicorns still controlled by original founders — unlike BYJU’S which has large outside investor ownership.
No. It is now a hybrid ed-tech brand with 300+ offline coaching centres (called PW Pathshala), targeting 500+ centres in 3 years — especially in Tier-2 and Tier-3 cities.
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