Edtech star Physics Wallah has taken a bold leap - from the virtual classroom to Dalal Street.

What began in 2016 as Alakh Pandey’s YouTube channel for JEE and NEET aspirants has grown into a $2.8 billion unicorn—now testing investor sentiment with a ₹3,480 crore IPO. Yet, despite the hype, subscriptions remain sluggish and market buzz subdued. Is this the next phase of India’s edtech story or another early reality check for a celebrated startup? Ahead of the listing, ET’s Startups Editor Samidha Sharma and reporter Tanishka Dubey sat down with founders Alakh Pandey and Prateek Maheshwari to unpack the company’s rapid rise, its financial strain, and what comes next in its expansion playbook.

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