Noida-based ed-tech platform PhysicsWallah files for $437 million IPO

India’s ed-tech industry has weathered a challenging few years in which SoftBank-backed Unacademy and Tiger Global-backed Vedantu cut staff while Byju’s U.S. lenders pushed the startup, once worth $22 billion, towards insolvency.

The platform, valued at $2.8 billion in September last year, plans to use issue proceeds to set up physical coaching centers, cover rent, boost technology and marketing, and fund acquisitions.

For the financial year ended March 31, PhysicsWallah’s revenue from operations jumped 49% to 28.87 billion rupees, with its restated loss narrowing to 2.43 billion, from 11.31 billion a year earlier.

PhysicsWallah filed draft papers with the market regulator through the confidential route to raise about 46 billion rupees, the Times of India newspaper said in March, citing sources.

The startup did not disclose if it is downsizing its offering.

After a slow start to the year, the Indian IPO market has picked up pace, with dairy products maker Milky Mist and Tiger Global-backed home and beauty services Urban Company filing to go public in recent months.

($1=87.5060 Indian rupees)

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