PhysicsWallah Spent ₹1,426 Cr on Salaries in FY25, Offline ARPU at ₹40,405

Edtech unicorn PhysicsWallah reported a salary expenditure of ₹1,426 crore in FY25, reflecting its aggressive hiring and offline expansion. The company disclosed that its offline average revenue per user (ARPU) stood at ₹40,405, demonstrating strong monetization of its physical coaching centers. PhysicsWallah has been rapidly scaling its hybrid model by combining digital learning with offline centers to compete with rivals in India’s highly competitive edtech market. Despite the slowdown in online-only edtech models, the firm’s offline growth has helped sustain revenue momentum. Investors and analysts view the expense as a strategic investment to build long-term market leadership, though profitability remains a challenge in the near term given rising operational costs.