PhysicsWallah IPO: Paid Users Hit 4.46 Million in FY25

Education platform PhysicsWallah, which is preparing for its IPO, has reported a massive surge in paid users, reaching 4.46 million in FY25 — a 153% increase from 1.76 million in FY23. With growing digital reach, expanding physical centers, and multiple app offerings, the company is positioning itself strongly ahead of its public listing.

User Growth and Operational Expansion

In FY25, PhysicsWallah recorded 4.13 million unique transacting users on its online channels. The platform expanded its offerings to 13 education categories, demonstrating both scale and breadth. This growth reflects a successful combination of engaging online content, app-based learning, and physical learning centers.

The company’s flagship YouTube channel, Physics Wallah – Alakh Pandey, had 13.7 million subscribers as of July 15, 2025. Overall, PhysicsWallah’s digital ecosystem spans 207 YouTube channels with 98.8 million subscribers, achieving a compound annual growth rate (CAGR) of 41.8% between FY23 and FY25. This digital reach strengthens its pre-IPO profile, highlighting the platform’s influence in the edtech space.

Monetization and User Engagement

PhysicsWallah IPO metrics show strong monetization trends. The average collection per online user (ACPU) increased to ₹3,682.79 in FY25, reflecting higher willingness to pay among users. Daily active users surged from 0.93 million in FY23 to 2.70 million in FY25, while average student engagement time increased from 93 minutes to 111 minutes.

These numbers not only highlight increased revenue per user but also higher platform stickiness and engagement, making PhysicsWallah IPO attractive to potential investors who focus on growth metrics and user loyalty.

Physical Presence and App Expansion

Alongside its online success, PhysicsWallah expanded its offline presence with 198 physical learning centers across 109 cities in India and the Middle East as of March 2025. Its 14 dedicated apps recorded 64.5 million cumulative downloads, offering hybrid learning solutions and reinforcing the platform’s reach across both digital and physical channels.

This physical and app expansion strengthens PhysicsWallah IPO positioning, showing a multi-channel growth model that balances digital adoption with on-ground learning initiatives.

Expansion into Professional Upskilling

The company is diversifying into professional skills development and upskilling courses. Apps such as PW MedEd for NEET PG aspirants, PW Curious Jr. for early learners, and Utkarsh for government exam preparation allow the platform to cover the full spectrum of education, from foundational learning to professional growth.

This strategic diversification signals PhysicsWallah IPO potential beyond traditional school or competitive exam segments, making the company a full-fledged education ecosystem.

Analyst Insights and IPO Outlook

Experts indicate that PhysicsWallah’s rapid user growth, high engagement levels, and diversified offerings demonstrate strong pre-IPO fundamentals. Investors are likely to examine metrics such as revenue per user, retention rates, and overall digital reach, all showing upward trends.

The hybrid teaching model, multiple revenue streams, and a loyal user base strengthen PhysicsWallah IPO prospects, positioning it as one of the most anticipated edtech public listings in India.

Conclusion

PhysicsWallah has achieved robust growth in FY25, with paid user numbers rising by 153%, expanding operational reach, strong digital engagement, and a diversified app portfolio. From its beginnings as a free YouTube channel to a multi-channel edtech powerhouse, the company is poised to capitalize on market opportunities ahead of its IPO.

Investors watching the PhysicsWallah IPO can expect continued growth, high engagement, and a comprehensive education ecosystem that bridges online, offline, and professional learning segments.