Alakh Pandey-led PhysicsWallah appoints three independent directors ahead of IPO

Alakh Pandey-led edtech unicorn PhysicsWallah has added three independent directors to its board as it prepares to file a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The edtech giant has brought on board former PTC India leader and Adani Group advisor Deepak Amitabh, former RBI regional director Rachna Dikshit, and ex-Zomato deputy CFO Nitin Savara.

PhysicsWallah says these appointments are in line with requirements under the Companies Act for maintaining board independence when pursuing a public listing.

Reshaping the board and leadership   

PhysicsWallah has reclassified Pandey and co-founder Prateek Maheshwari (also known as Prateek Boob in some filings) from executive directors to whole-time directors. Pandey has also taken on the role of chief executive officer.

Sandeep Singhal, co-founder and managing partner at WestBridge Capital India Advisors, remains on the board as a key stakeholder.

In December, PhysicsWallah changed its status from a private limited company to a public entity, renaming itself PhysicsWallah Limited. It has also issued bonus shares to its existing shareholders in a 1-to-35 ratio, meaning investors will receive 35 additional shares for each share they currently hold.

CFO and other key hires  

PhysicsWallah recently appointed Amit Sachdeva, previously associated with Blinkit, as its chief financial officer. It also hired Ajinkya Jain as group general counsel, company secretary and compliance officer, a move aimed at strengthening its corporate governance framework.

These appointments come amid the company’s plan to go public later this year, with reports suggesting it has enlisted Kotak Mahindra Capital, Goldman Sachs, Axis Capital and JP Morgan as its listing bankers.

Planned fundraising and growth  

The Noida-based startup is widely seen as one of India’s most successful homegrown edtech ventures. It started nine years ago with online lectures and has grown into a platform offering live and recorded sessions, test series, study materials and offline hybrid centers.

After raising over $300 million, it reached a valuation of around $2.8 billion. Media reports indicate it might raise another $500 million in its initial public offering at a valuation of about $5 billion, possibly making it India’s highest-valued edtech company.

There are also reports of a recent $25 million pre-IPO secondary funding round, led by existing investor WestBridge Capital, which could boost its valuation to $3.7 billion, surpassing rivals like Unacademy and Eruditus.