Edtech unicorn PhysicsWallah (PW) is ramping up its offline presence in India and select overseas markets, as it prepares to hit the capital markets with a fresh equity issue of ₹3,100 crore and an offer for sale (OFS) of ₹720 crore.
As of March 31, 2025, the company operated 198 offline centres across 109 cities in India and the Middle East, under three formats including PW Vidyapeeth, PW Pathshala and PW Other Centres. The rapid offline expansion marks a significant shift in the company’s model, which started as a pure-play digital learning platform. Between FY23 and FY25, its offline footprint grew at a staggering CAGR of 165.9%, underscoring its ambitions to dominate both online and offline learning markets.
The company has earmarked ₹460.55 crores from the IPO proceeds for setting up new offline and hybrid centres in India. Of this, ₹234.37 crores will go 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 defence, chartered accountancy, government exams, and vocational skills.
All new centres will operate on a leasehold basis, with the company yet to finalise exact locations. However, potential expansion into tier-2 and tier-3 cities such as Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat, and Chennai has been indicated in the DRHP. The final choice of cities will depend on demographic demand, lease economics, and other prevailing business conditions.
PW’s offline push is being guided by data-driven insights from its vast online student community. By leveraging digital engagement metrics, the company identifies potential demand clusters before deciding whether to launch new Vidyapeeth or Pathshala centres or enter new course categories through PW Other Centres. This hyperlocal hub-and-spoke strategy is designed to provide local access to quality coaching while reducing student migration to bigger cities.
The fundraising will also allow PhysicsWallah to strengthen its brand presence in cities where it already operates, while broadening course offerings across offline channels. The emphasis on defence, accounting, and government exams signals a diversification beyond its traditional stronghold of engineering and medical entrance preparation.
While several players have scaled back operations or pivoted in response to funding constraints, PW is doubling down on physical infrastructure. The strategy mirrors the broader industry trend of “phygital” models, where offline presence complements digital reach, offering students both accessibility and credibility.
Analysts point out that offline centres could offer a more predictable revenue stream compared to online courses, where price sensitivity and free alternatives remain high. Moreover, offline centres open up ancillary opportunities such as test series, doubt-solving workshops, and region-specific exam preparation.
The expansion into hybrid Pathshala centres also reflects a balancing act. By blending live-streamed online delivery with local faculty support, PW aims to keep costs manageable while ensuring a personalised student experience. This format may help the company penetrate deeper into tier-3 markets where affordability and access to high-quality teachers remain challenges.
With 198 offline centres already operational and growing, PhysicsWallah could set a template for how digital-first education firms scale sustainably in India’s vast, fragmented market.
Nitin Konde
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