India, Nov. 17 -- PW's Prateek Maheshwari On $3.6 Bn IPO

In India's edtech graveyard, Physics Wallah (PW) has defied all odds. The unicorn, led by a self-described socialist Alakh Pandey and capitalist Prateek Maheshwari, is all set to become the first edtech to go public and raise INR 3,480 Cr via its IPO. So, how did this unlikely duo crack the edtech puzzle?

The 95% Solution: While competitors burned billions chasing the top 5% of the market, PW zeroed in on the rest. By doubling down on affordability, scale and a strong offline push, the company has expanded to 45 Lakh paid learners and grown its revenue 4X to INR 3,000 Cr over the past five years.

An Issue Of Confidence: Unlike the recent IPOs of Groww and Lenskart - both of which...