Indian education technology platform PhysicsWallah has filed for an initial public offering worth 38.20 billion rupees ($437 million), draft papers showed, as the market for new listings picks up pace.
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 US lenders pushed the startup, once worth $22 billion, towards insolvency.
PhysicsWallah, whose backers include WestBridge and Hornbill Capital, aims to raise 31 billion rupees through fresh shares, with the rest coming from a sale offer by co-founders Alakh Pandey and Prateek Boob, Saturday’s filing showed.
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.
