PhysicsWallah records 3.4X revenue growth to Rs 798 Cr in FY23

PhysicsWallah's revenue from operations for FY23 increased to Rs 771.76 crore from Rs 232.47 crore in FY22 and Rs 24.6 crore earned in FY21.

PhysicsWallah records 3.4X revenue growth to Rs 798 Cr in FY23

Friday December 29, 2023,

3 min Read

Edtech platform Physics Wallah remains profitable for the third consecutive year, with the reported revenue soaring to Rs 798 crore in FY23, up 3.4X from the previous financial year.

The revenue from operations for the fiscal year ended March 2023 increased to Rs 771.76 crore from Rs 232.47 crore in the previous fiscal year and Rs 24.6 crore earned in FY21.

As per the company, the surge in revenue was fueled by increased penetration in the offline category.

“Our online categories grew to 2.5X in terms of student headcount from 9 lakh in FY22 to 23.5 lakh in FY23, while our offline student headcount grew to 5.5C touching 60,000 enrolments in FY23,” said Prateek Maheshwari, Co-founder, PhysicsWallah.  


The company attributed the growth in the number of students to the expansion of its presence in various new exam categories, skilling initiatives, and an increase in offline student enrolments. 

PhysicsWallah reported an adjusted EBITDA (earnings before income, tax, depreciation and amortisation) of Rs 127 crore in FY23 (adjusted for ESOP costs, Lease Equalization Reserve—LER and one-time inventory provisioning), which stood at Rs 134 crore in FY22.


The company witnessed an increase in total expenses, reaching Rs 777 crore in FY23 (inclusive of non-cash expenses such as ESOP, LER, and inventory provisions), compared with Rs 103 crore in the previous year. Employee costs surged to Rs 406 crore, including ESOP benefits (which were nonexistent in FY22), up from Rs 42 crore last year. 

The marketing costs maintained a single-digit percentage of revenue, which the Alakh Pandey-led company said showcased its community-driven advantage in acquiring new students.

PW, PhysicsWallah

Alakh Pandey and Prateek Maheshwari, Co-founders of PhysicsWallah

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During FY23, PhysicsWallah secured $100 million in funding. This was achieved through an active mergers and acquisitions strategy (M&A), with participation in eight partnerships. Moreover, the inorganic revenue of Rs 500 crore, resulting from these M&A activities in FY23, will be reflected in the financials for FY24.


The edtech firm said in a statement that it has addressed customer acquisition costs, prioritising the community before focusing on growth, capital, and integration across the value chain, establishing a sustainable business model


Physics Wallah is in the process of filing financial statements with the Registrar of Companies.

“Our commitment is clear: We're investing to reshape India's education. Education uplifts societies and drives economic growth. We will continue to plough back all the free cash flows generated by the business back into it to serve more students, touch more lives, and transform more families,” said Alakh Pandey, Founder and CEO, PhysicsWallah. 


Edited by Kanishk Singh