PhysicsWallah Ltd, one of India’s largest edtech platforms, which filed an updated Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of ₹3,820 crore, highlighted an unusual risk.
Among the usual suspects like “competition” and “regulatory risk,” the ed-tech platform’s DRHP dives candidly into student safety incidents — offering a surreal look at life inside offline learning centres.
The DRHP by the edtech company, which is preparing for its IPO, cited several security-related incidents like harassment complaints, safety concerns, and even one bizarre episode where a student allegedly hurled a slipper at faculty during a video call.
One notably odd episode mentioned in the DRHP involved a 2023 incident where a student allegedly threatened a faculty member with a slipper over a video call.
Another case involved a staff member pushing a student at an offline centre, which was caught on video and circulated online. The company stated that the staff member was terminated after an internal assessment.
Additionally, the DRHP mentions an FIR filed against the company after a ceiling fan fell on a student at a New Delhi centre, though the matter has since been settled.
While the company states that it has taken measures and safeguards to prevent the occurrence of harmful incidents and any physical injury to its students, it has not given any assurance that such measures are effective or that events outside its control could not result in such harm or injury to students, which may adversely affect its reputation, business, and financial condition.
Netizens React to PhysicsWallah DRHP Risks
Naturally, the internet had thoughts as news of these incidents made their way into the public domain.
While the discount broking platform Zerodha called it a “unique risk”, netizens were intrigued by these new types of market risks.
A netizen with the handle name lazy_procrastinator found the incident funny, saying “the company could collapse if enough students threaten with chappal”.
One user on X, named Sumit Kalaria, reacted by saying that “Proactive safety protocols are non-negotiable!”
Meanwhile, another one suggested that students are highly volatile.
About PhysicsWallah
Founded in 2016 as a YouTube channel, PhysicsWallah has grown into a full-stack education company offering online and offline courses across K-12, NEET, JEE, UPSC, and state-level competitive exams, apart from a presence in other segments like study abroad, degree programmes, and upskilling courses.
It operates a mix of online courses, hybrid centres, and test-prep institutes under brands including Knowledge Planet, Xylem Learning and Utkarsh Classes, targeting over 2 million students annually across Tier-II and Tier-III cities.
PhysicsWallah is largely owned by its two cofounders, Pacahndey and Maheshwari, who hold about 40.35% each in the company, accounting for over a billion shares apiece.
In FY25, the company reported a total income of ₹2,886 crore, up from ₹1,940 crore in FY24 and ₹744 crore in FY23. Net loss reduced to ₹240 crore in FY25, compared to ₹1127 crore in FY24 and ₹85 crore in FY23, as per DRHP report.
It derives a significant portion of its revenue from offline centres located in the Indian cities of Delhi NCR, Patna (Bihar), Kota (Rajasthan), Calicut (Kerala), Lucknow (Uttar Pradesh), and Kolkata (West Bengal).
The company has hired Kotak, JP Morgan, Goldman Sachs and Axis Capital as book-running lead managers.
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