Physics Wallah, or PW, is the fastest-growing Indian EdTech company that has revolutionized the education system. PW was founded by Alakh Pandey and Prateek Boob in 2016. All this began as a YouTube channel where Alakh Pandey used to teach students for free, which helped students prepare for engineering and medical entrance exams like JEE and NEET. Students find Alakh Pandey’s explanations easier to under and the channel blew up to a million followers.
This is how Physics Walla came into existence to bring waves in the EdTech industry. As a business, Physis Wallah had almost everything in favour: a mass following on YouTube, which gave exposure, quality education, marketing through word of mouth, and so on. The value proposition worked in favour of Physics Wallah, resulting in massive success. In FY25, Physics Wallah revenue grew strongly and losses narrowed as the business scaled up.
Here, we will talk about how Physics Wallah makes money, their source of income, and key insights. Let’s get started.
How is the Physics Wallah Business Model Structured?
Physics Wallah uses a hybrid education delivery model in which students can access online content or coaching with offline centres for quality education. The online side includes live and pre-recorded courses, doubt sessions, and more. There are also apps and a website for studying content. On the offline content side, there are Vidyapeeth and Pathshala. The centres are available in many cities for better accessibility for students.
On the other hand, another structural component is its multiple revenue sources beyond the course fees and classes. PW also sells physical products like books, stationery, merchandise, and much more. There are services for students who are living away from home to study in PW. These services include hostel, transport, and content access. PW has been in losses previously because the cost structure is significant for offline centres like rent, faculty, infrastructure, staff, content production, servers & technology, and marketing.
| Company/Brand | Physics Wallah (PW) |
| Establishment Year | 2016 (expanded heavily since 2020 |
| Headquarters | Noida, Uttar Pradesh, India |
| Founder/Owner | Alakh Pandey & Prateek Boob |
| Industry | EdTech / Test-Preparation / Hybrid Coaching / Hybrid Learning Centres |
| Net Worth (2025) | ₹ 2,886.6 crore from operations (FY25) |
| Total Revenue 2025 | ₹ 243.3 crore (loss narrowed significantly vs FY24) |
How Does Physics Wallah Make Money?
Just like any other business, PW also has multiple streams that help in generating revenue. Here are some key components that drive profits.
1. Coaching Services
Whether online or offline, both sources are a major revenue component in the coaching services. All this includes paid online courses like live classes, recorded lectures, test series, and doubt solving. Additionally, there are offline centres as well, which are called Vidyapeeth or Pathshala. In FY25, PW earned around ₹2,498.6 crore from coaching service alone.
2. Hostel, Transport, and Content Access
Even though the course fees are the primary source of revenue, there are other services as well. PW provides hostel stays, transport for offline students, and content access through a membership and subscription model. Then there are additional services related to the supporting services. All these factors add to revenue, which becomes the key factor in driving revenue.
3. Sales of Study Materials
PW sells physical products as well, which are related to education. The key products are books, stationery, merchandise for students, study tools, etc. In FY25 alone, product sales contributed approximately ₹259.2 crore to the total revenue. These numbers might vary, considering the revenue has increased for PW after the cut in GST. The cost to the company for advertising is rising. To reduce expenses and market better, PW also offers study bags for affordable prices, which speaks for itself.
4. Advertising and Platform-Dependent Income
PW started from YouTube, and now there are multiple channels where PW targets students who haven’t bought the course. Through YouTube, PW can cater to pan-India students, which also works as a free advertisement. In exchange, monetisation on YouTube adds up to total revenue. There are also operational incomes through miscellaneous services.
Financial Services
In FY25, Physics Wallah reported total operating revenue of about ₹ 2,886.6 crore, which was up 49% from ₹ 1,940.7 crore in FY24. Net loss narrowed sharply from ₹ 243.3 crore in FY25 to ₹ 1,131 crores in FY24. Online and offline revenue grew similarly, where online courses revenue was ₹ 1,404 crore, and offline centres ₹ 1,351.9 crore.
What’s New in 2025?
By March 2025, PW had about 198 offline centres in 109 cities. The revenue from offline nearly equals online now, which means the offline ARPU has improved from past years. Similarly, the revenue grew 49% YoY in FY25, and PW’s losses narrowed by 78% because of fewer one-off/non-cash expenses and better leverage of scale. On the other side, employee costs, depreciation, marketing & publicity costs are rising, especially due to offline centre expansion. Advertising/promotion spend rose significantly (₹ 276.2 crore) in FY25.
