Physics Wallah Achieves Remarkable Growth with 3.3X YoY Revenue Increase in FY23

Physics Wallah’s Fiscal Year 2023 Triumphs in Revenue, Expenses, and Educational Impact.


In a testament to its unwavering success, Physics Wallah, under the leadership of Alakh Pandey, has reported a phenomenal 3.3X year-on-year (YoY) surge in revenue for the financial year 2022-23 (FY23). The edtech giant, known for its commitment to quality education, recorded an impressive operating revenue of INR 771.76 Cr, a stark contrast to its figures of INR 232.47 Cr in FY22 and INR 24.6 Cr in FY21.

Key Financial Highlights:

  1. Stellar Revenue Growth: Physics Wallah’s operating revenue soared to INR 771.76 Cr in FY23, reflecting a remarkable 3.3X increase compared to the previous fiscal year.
  2. Exponential Expense Surge: While the revenue showed an exceptional increase, the startup’s total expenditure witnessed a substantial rise, escalating by 7.54X to INR 777 Cr in FY23. This surge, though substantial, indicates significant investments made by Physics Wallah in expanding and enhancing its educational offerings.
  3. Adjusted EBITDA Performance: Despite the surge in expenses, Physics Wallah remains financially resilient. The adjusted EBITDA (before ESOP costs, LER, and a one-time inventory provisioning) for FY23 was reported at INR 127 Cr, slightly down from the INR 134 Cr recorded in FY22. This indicates the startup’s ability to manage costs effectively while sustaining robust growth.

Implications and Future Prospects:

The remarkable financial performance of Physics Wallah in FY23 underscores its strong position in the competitive edtech landscape. The substantial increase in revenue is indicative of the growing demand for quality online education and the effectiveness of Physics Wallah’s teaching methodologies.

Despite the surge in expenses, the startup‘s strategic financial management is evident in the relatively stable adjusted EBITDA. This positions Physics Wallah for continued expansion and innovation, ensuring its sustained impact on the education sector.


Physics Wallah’s outstanding financial performance in FY23 is a testament to its dedication to providing quality education to students across the country. As it continues to grow and adapt to the evolving landscape of online education, Physics Wallah remains a key player in shaping the future of learning in India. The edtech giant’s commitment to excellence and financial resilience bodes well for its continued success in the coming years.

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