PW’s INR 3,820 Cr IPO, RMG Ban Hits Creators & More

Can PhysicsWallah Pass The Market Test?

PhysicsWallah has refiled its DRHP with the market regulator, SEBI, for an INR 3,820 Cr IPO. The edtech giant’s public issue will comprise a fresh issue of INR 3,100 Cr and an OFS component of up to INR 720 Cr. Cofounders and promoters Alakh Pandey and Prateek Boob, who together own 40% stake in the company, will offload shares worth INR 360 Cr each. 

A Sneak Peek Into The DRHP: In its draft IPO papers, PW disclosed its financial health for the financial year 2024-25 (FY25). Here’s a quick snapshot:

• Operating revenue zoomed 49% YoY to INR 2,886.6 Cr in FY25
• Consolidated net loss also narrowed 78% YoY to INR 243.3 Cr 
• EBITDA profit stood at INR 193.2 Cr against an EBITDA loss of INR 829.4 Cr in FY24

A Curriculum For Growth: PW’s edge lies in its brand appeal, Alakh Pandey’s massive student following, a solid phygital model, and a sticky user base. Add to that smart acquisitions, offline bets, and expansion into new categories — PW has steadily diversified and unlocked new revenue streams. 

A High-Stakes Exam? Despite the positive momentum, PhysicsWallah continues to navigate several obstacles, including the post-pandemic decline in the edtech sector and competition from offline rivals like Allen and Aakash. The lacklustre debuts of new-age tech companies so far this year also do not bode well for PW’s listing. 

As PW gears up to script history as India’s first listed edtech, here is a lowdown on PhysicsWallah’s INR 3,280 Cr IPO.

From The Editor’s Desk

RMG Ban Hits Creators: The ban on real money gaming has wiped out INR 300–400 Cr from India’s nascent influencer economy, blocking the primary source of income for thousands of creators who earned up to INR 12 Lakh a month.

GST Reforms & D2C Brands: With the GST Council simplifying the tax structure, lowering rates for most goods, will consumers see meaningful price drops on shelves? Also, can young D2C brands leverage this window to strengthen their market share?

New-Age Tech Stocks Soar: Twenty-seven out of the 36 startup stocks under Inc42 coverage rose between 0.12% and 33% last week. While MobiKwik and RateGain emerged as the biggest gainers, BlackBuck and Nazara were the biggest losers. 

Turtlemint Files Confidential DRHP: The insurtech startup has filed its DRHP with SEBI via the pre-filing route for its IPO. While the company hasn’t disclosed the size of its issue, the company was previously looking to raise $200 Mn to $250 Mn via the public markets route.

Startup Funding Rebounds: Indian startups cumulatively raised $186.1 Mn across 20 deals last week, up 90% from $98.2 Mn secured across 18 deals in the preceding week. Citymall and Seekho took home the biggest cheques at $47 Mn and $28 Mn, respectively.

Can GST 2.0 Spur Festive Mania? With the Centre revamping the GST tax rates, Diwali seems to have come early this year for ecommerce platforms. Now, industry players are looking to piggyback on these tax breaks to close a record 2025 festive season. 

India’s Semiconductor Moment: At the Semicon India 2025, the Centre unveiled its first indigenous space-grade chip and cleared $18 Bn worth of semiconductor projects. But beyond the big headlines, what’s the ground reality?

Startup Layoff Tracker: About 5,649 employees have been laid off by Indian new-age tech companies in the first nine months of 2025. Largely to blame for this is the ban on real-money gaming, the shift towards AI-led automation and the founders’ push to curb losses.

Inc42 Startup Spotlight

How PeelOn Is Fixing The Banana Export Deficit

India, despite being the world’s biggest banana producer, exports only a minuscule of this commodity due to post-harvest decay. Tackling this problem head-on is PeelOn, which has developed a green packaging solution that can extend the shelf life of a banana.

Smart and Sustainable Packaging: Founded in 2022, the startup uses a blend of polylactic acid (PLA) and polybutylene adipate terephthalate (PBAT) to create smarter, biodegradable packaging solutions for banana growers and retailers. PeelOn asserts that its packaging can delay spoilage and keep bananas fresh for up to 60 days.

Leveraging A Competitive Edge: PeelOn differentiates itself in a competitive market with its focus on eco-friendly solutions, and has so far filed four patents in the US for two of its processes and two plant additive formulations. 

Shifting Focus To India: Having recently bagged $1 Mn in funding, PeelOn is now strategically pivoting its focus and is re-evaluating the Indian market. It plans to set up a manufacturing facility in Visakhapatnam and expand operations to the GCC and Latin American markets. 

With much more on the cards, can PeelOn’s innovative packaging find takers globally?