P
Physicswallah
Book Building issueMainboardNSE₹3,480 Cr issue
+31.28%
Listing gain over issue price
Issue size
₹3,480 Cr
1 lot at cut-off
₹14,933
Lot size
137shares
Open
11 Nov 2025
Close
13 Nov 2025
Allotment
14 Nov 2025
Listing
18 Nov 2025
Listing performance
Issue price
₹109
Listed at
₹143.10
Listing-day close
₹155.24
Latest price
₹133.34
Listing gain
+31.28%
Return since listing
+22.33%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹14
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 18 Nov 2025 | ₹14 | +12.84% | ₹1,500 | ₹123 | ₹1,918 |
| 17 Nov 2025 | ₹14 | +12.84% | ₹1,500 | ₹123 | ₹1,918 |
| 16 Nov 2025 | ₹9 | +8.26% | ₹900 | ₹118 | ₹1,233 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 11 Nov 2025 – 13 Nov 2025
- Listing date
- 18 Nov 2025
- Face value
- ₹1 per share
- Issue price
- ₹109 per share
- Lot size
- 137 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹3,480 Cr
- Market cap at offer price
- ₹31,527 Cr
- Promoter holding
- 81.64% → 71.48% pre-issue → post-issue
- ISIN
- INE0LP301011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- B 8, Block B, Industrial Area, Sector 62, Uttar Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 14,33,80,733 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 137 shares per lot, in multiples, at ₹109
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 137 | ₹14,933 |
| Retail (max) | 13 | 1,781 | ₹1,94,129 |
| S-HNI (min) | 14 | 1,918 | ₹2,09,062 |
| S-HNI (max) | 66 | 9,042 | ₹9,85,578 |
| B-HNI (min) | 67 | 9,179 | ₹10,00,511 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
14,33,80,733
Anchor portion
₹1,563 Cr
at ₹109 per share
Valuation and performance
Valuation at offer price
₹109 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −0.93 | −1.76 |
| Price to book (×) | 14.10 | — |
| Market cap | — | ₹31,527 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −12.50%
- PAT margin
- −8.43%
- EBITDA margin
- 6.69%
- NAV per share
- ₹7.73
- Price to book
- 14.10
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Physicswallah
PhysicsWallah Limited is an Indian education technology company that offers test preparation courses for competitive examinations and upskilling programs through multiple delivery channels: online (website and apps), tech-enabled offline centers with live faculty-led classes, and hybrid centers using a two-teacher model. The company operates across 13 education categories including JEE, NEET, Foundation, Civil Services, boards and CUET, Defence, GATE, Government Examinations, Chartered Accountancy, MBA, Commerce, and Skills. Founded in 2020 and incorporated as a private limited company in Uttar Pradesh, the company has grown to generate revenue of ₹28,866.43 million in Fiscal 2025, with operations spanning online and offline channels. The company is focused on improving learning outcomes for students through a student community-led approach, flexible technology stack, relevant content, and engaging delivery methods.
Company Analysis
from RHPPhysicsWallah Limited is an online and offline test preparation education platform offering courses for competitive examinations and upskilling across multiple education categories.
PhysicsWallah Limited is an Indian education technology company that offers test preparation courses for competitive examinations and upskilling programs through multiple delivery channels: online (website and apps), tech-enabled offline centers with live faculty-led classes, and hybrid centers using a two-teacher model. The company operates across 13 education categories including JEE, NEET, Foundation, Civil Services, boards and CUET, Defence, GATE, Government Examinations, Chartered Accountancy, MBA, Commerce, and Skills. Founded in 2020 and incorporated as a private limited company in Uttar Pradesh, the company has grown to generate revenue of ₹28,866.43 million in Fiscal 2025, with operations spanning online and offline channels. The company is focused on improving learning outcomes for students through a student community-led approach, flexible technology stack, relevant content, and engaging delivery methods.
Test PreparationOnline EducationOffline EducationUpskillingHigher Education SupportProfessional Course Preparation
Objects of the Issue
- Capital expenditure for fit-outs of new offline and hybrid centers of our Company ₹4,605.51 million p.32
- Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company ₹5,483.08 million p.32
- Investment in our Subsidiary, Xylem Learning Private Limited for capital expenditure for fit-outs of new offline centers ₹316.48 million p.32
- Investment in our Subsidiary, Xylem Learning Private Limited for lease payments for existing identified offline centers and hostels ₹155.20 million p.32
- Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for existing identified offline centers ₹280.02 million p.32
- Expenditure towards server and cloud related infrastructure costs ₹2,001.06 million p.32
- Expenditure towards marketing initiatives ₹7,100.00 million p.32
- Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited ₹265.00 million p.32
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.32
- See Objects of the Offer on page 158 p.99
- Capital expenditure for fit-outs of new offline and hybrid centers of our Company ₹4,605.51 million p.163
- Expenditure towards lease payments of existing identified offline and hybrid centers operated by our Company ₹5,483.08 million p.163
- Investment in our Subsidiary, Xylem Learning Private Limited for expenditure towards capital expenditure for fit-outs of new offline centers and lease payments for Xylem's existing identified offline centers and hostels ₹471.68 million p.163
- Investment in our Subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes' existing identified offline centers ₹280.02 million p.163
- Expenditure towards server and cloud related infrastructure costs ₹2,001.06 million p.163
- Expenditure towards marketing initiatives ₹7,100.00 million p.163
- Acquisition of additional shareholding in our Subsidiary, Utkarsh Classes & Edutech Private Limited ₹265.00 million p.163
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.163
- —
Issue Structure
- Total Issue
- ₹34,800.00 million (aggregating Equity Shares of face value of ₹1 each)
- Fresh Issue
- ₹31,000.00 million (aggregating Equity Shares of face value of ₹1 each by our Company)
- Offer for Sale
- ₹3,800.00 million (aggregating Equity Shares of face value of ₹1 each comprising ₹1,900.00 million by Alakh Pandey and ₹1,900.00 million by Prateek Boob)
- Price Band
- To be determined (Floor Price: ₹[●] per Equity Share; Cap Price: ₹[●] per Equity Share)
- Lot Size
- [●] Equity Shares (Bid Lot)
- Face Value
- ₹1 per Equity Share
Business Model
PhysicsWallah generates revenue from sale of services through three channels: (i) online channel where the company conducts live online classes on its website and apps; (ii) offline channel where faculty conducts face-to-face classes in physical centers; and (iii) hybrid centers using a two-teacher model where students attend live online classes at physical centers with local faculty for doubt resolution. Additional revenue comes from advertisement income (primarily from YouTube channels), content access and usage rights, and B2B sales to distributors and educational institutions.
Business Segments
Live online classes conducted on website and apps
Face-to-face classroom teaching in physical centers and two-teacher model hybrid centers with studio-based faculty and local doubt resolution faculty
Advertisement income from YouTube channels, content access and usage rights, and B2B sales of products to distributors, schools and other education institutions
Conducts live online classes on website and apps
Faculty conducts live classes in physical offline centers
Includes advertisement income, content access and usage rights, and revenue from sale of products to distributors, schools and other education institutions as business-to-business sales
Test preparation coaching delivered through online platforms for JEE, NEET and Foundation courses
Physical coaching centers offering JEE, NEET and Foundation test preparation through hybrid delivery channels, including Knowledge Planet centres in Middle East
Offline coaching center offering face-to-face classroom teaching for students preparing for JEE, NEET, and Foundation courses with direct instruction and interactive learning.
Hybrid coaching center integrating online and offline learning through a two-teacher model where experienced faculty teach from a studio complemented by doubt faculty stationed at physical centers for JEE, NEET, and Foundation courses.
Offline centers catering to specific course categories including Defence, Chartered Accountancy, Government examinations, Civil Services (IAS), Institute of Innovations, Bothra (Penpencil), and other specialized programs.
Online offerings where students access live online classes through website and apps with 2.10 million unique transacting users in June 2025 generating average collection per user of ₹3,930.55.
Offline and hybrid center coaching for JEE, NEET, Foundation and other competitive exam categories with 0.33 million offline student enrollments in three months ended June 30, 2025.
Preparation courses for Joint Entrance Examination, an entrance exam for engineering colleges in India including IITs, NITs and other engineering institutions
Preparation courses for National Eligibility cum Entrance Test, an entrance test for medical colleges in India for MBBS, BDS, AYUSH and other medical programs
Courses for competitive exams for public administration roles including UPSC, state PCS and other government examinations
Preparation courses for GATE, CUET, Board exams, Defence exams, CA, Commerce, MBA entrance and other competitive examinations
Professional upskilling courses for students and professionals in areas such as data science and analytics, banking and finance and software development
Residential accommodation services for students preparing for competitive examinations
Assists students in preparing for JEE Mains and JEE Advanced through courses focusing on physics, chemistry and mathematics
Provides courses for medical entrance examination preparation covering physics, chemistry, botany and zoology
Offers courses for school students from class 6 onwards to prepare for JEE and NEET and receive additional help with school studies
Offers courses for civil services (UPSC/SPSC), defence examinations, GATE, chartered accountancy, MBA, boards and CUET, and other government examinations
Provides upskilling courses for students and professionals in areas such as data science, AI, web development, digital marketing, product management, banking and finance
Provides online courses for students in grades 3-8 in mathematics, science and English
Online and offline coaching and test preparation services
Educational institutions, coaching classes, science and non-science stream labs and workshops, and sale of books and course materials through online network
Educational services subsidiary
Educational services rendered by non-technical colleges, schools, universities and other institutions, language training, computer training, technical and occupational skills, tutoring and professional development training
Education coaching and tutoring services
Education and support services including brand licensing and management support services
Legacy course content business
Education services and support
Provides online and offline coaching for competitive examinations
Provides hostel facilities and transportation services to students
Provides access to educational content and usage rights
Sale of traded goods including study materials and merchandise to students and distributors
Revenue from advertisement and other operating income
Includes revenue for providing coaching/teaching services through website, apps, and social media channels where students can enroll for courses and access online course content including live lectures and recorded lectures
Includes revenue from students enrolled in offline and hybrid courses where faculty conducts live classes in physical centers or a two-teacher model, plus hostel and transportation services
Includes books, stationery, merchandise and tablets sold to students through website and third-party platforms, and B2B sales to distributors, schools and other education institutions
Includes advertisement income from third-party advertisements on YouTube channels, income from content access and usage rights, and revenue from other services
SWOT Analysis
Strengths
- • Substantial fresh capital raise enabling expansion(p.3)
- • Dual-promoter founding team with vested interests via OFS(p.3)
- • Established multi-channel delivery model (online, offline, hybrid)(p.31)
- • Internal content development capacity with multi-level review process(p.98)
- • Established intellectual property portfolio with copyright registrations(p.98)
- • Lower corporate tax rate option(p.202)
- • Eligibility for employment generation deduction(p.202)
- • Export-related GST benefits including ITC optimization(p.204)
- • GST exemption on sale of books(p.204)
- • Largest online student community among top 5 education companies with 13.7 million YouTube subscribers on main channel and 98.80 million across all channels(p.260)
- • Most affordable pricing for test preparation courses (JEE ₹4,500 vs competitors ₹75,000-80,000; NEET ₹4,800 vs ₹63,000-67,000; UPSC ₹18,000 vs ₹110,000)(p.260)
- • Fastest-growing revenue among top 5 education companies (Fiscal 2022-2024) with 189% CAGR in FY2022-2024(p.260)
- • Significant offline presence with 303 total offline centers as of June 30, 2025, growing at 165.92% CAGR(p.261)
- • Strong brand recall with highest search interest among top 5 education players in Fiscal 2025(p.266)
- • Low marketing spend as percentage of revenue (10.1%) compared to industry average (18%), driven by strong community engagement(p.256)
- • Diversified course offerings across 13 education categories as of June 30, 2025, expanded from 6 categories in March 2023(p.266)
- • Rapid user growth with 4.46 million total paid users in Fiscal 2025, CAGR of 59.19% between Fiscals 2023-2025(p.265)
- • Largest online student community among top 5 education companies in India(p.267)
- • Massive multi-channel subscriber base across 206 YouTube channels(p.267)
- • Rapid offline center expansion with 165.92% CAGR(p.267)
- • Proprietary AI-powered technology stack with multiple advanced tools(p.268)
- • Extensive content library with 4,382 books and 8.66 million question banks(p.270)
- • Strong student outcomes across multiple competitive examinations(p.271)
- • Experienced management team with industry recognition(p.272)
- • Strong revenue growth with 96.93% CAGR between Fiscals 2023-2025(p.272)
- • Established brand and trademark assets with significant intangible value(p.411)
- • Diversified revenue model across multiple educational platforms and business lines(p.394)
- • Significant intangible asset base including content, customer relationships, and distribution networks(p.411)
- • Strategic investment in edtech infrastructure and technology platforms(p.411)
- • Successful acquisition strategy building portfolio of educational brands(p.409)
- • Largest student community among top 5 education companies in India(p.492)
- • Fastest-growing revenue among top education companies(p.492)
- • Significant offline presence and scale(p.492)
- • Most affordable test preparation courses in India(p.498)
- • Strong revenue growth trajectory(p.493)
- • Rapid offline center expansion capability(p.498)
Weaknesses
- • Significant operating losses across reporting periods(p.35)
- • Negative net worth in recent fiscal year(p.35)
- • Heavy reliance on borrowed funds previously(p.35)
- • Concentration in online channel revenue dependency(p.31)
- • Unencrypted study materials vulnerable to unauthorized distribution(p.98)
- • No effective mechanism to monitor or prevent unauthorized sale of study materials(p.98)
- • Inadequate insurance coverage relative to asset base(p.99)
- • History of delays in statutory dues payments affecting multiple regulatory regimes(p.101)
- • Operational capacity challenges as evidenced by employee count growth (37% YoY)(p.101)
- • Loss of multiple tax deductions when opting for lower tax rate(p.203)
- • Conditional nature of tax benefits dependent on future compliance(p.200)
- • Negative adjusted EBITDA margin in Q1 FY2026 (3.13%) and persistent losses with -₹2,432.58 million in Fiscal 2025(p.265)
- • High employee attrition rate estimated at 25-35% for online-heavy education players(p.254)
- • Dependence on test preparation (JEE, NEET) segment with 888,134 combined enrollments in these two categories out of 4.8 million total users in Fiscal 2025(p.264)
- • Hybrid center model vulnerability to execution challenges with 78 PW Pathshala centers requiring coordination between online teachers and local faculty(p.263)
- • Heavy dependence on YouTube and free content as primary distribution channel(p.269)
- • Significant employee base growth creating operational complexity(p.294)
- • Ongoing acquisition integration challenges with multiple recent acquisitions(p.269)
- • High dependency on offline center lease agreements with escalation clauses(p.296)
- • Concentrated offline revenue from limited geographic regions(p.280)
- • Significant goodwill impairment losses indicating acquisition integration challenges(p.410)
- • Persistent operating losses and negative profitability(p.397)
- • Material uncertainty regarding going concern of subsidiary company(p.400)
- • Significant contingent liabilities and disputed matters with auditors(p.399)
- • High leverage with substantial lease obligations impacting financial flexibility(p.420)
- • Accumulated losses and negative equity in prior periods(p.397)
- • Substantial accumulated losses and negative retained earnings(p.427)
- • Multiple loss-making subsidiaries dragging consolidated profitability(p.442)
- • Significant goodwill impairments indicating acquisition missteps(p.442)
- • Reliance on customer advances (contract liabilities) for cash flow(p.434)
- • Significant lease obligations and right-of-use asset commitments(p.431)
- • Significant accumulated losses and negative net worth historically(p.514)
- • High employee benefits expense as percentage of revenue(p.499)
- • Continuing operational losses(p.507)
- • Dependence on a few key courses for revenue(p.505)
- • High attrition rates among employees(p.500)
- • Multiple subsidiaries with significant losses(p.476)
- • Outstanding litigation involving company and subsidiaries(p.538)
- • Multiple pending consumer proceedings(p.540)
- • Material civil litigation with competitor(p.540)
- • Income Tax Department investigation of subsidiary(p.542)
- • Regulatory compliance gaps on approvals(p.548)
- • Material outstanding litigation with franchisee(p.541)
- • Arbitration claim from former shareholders(p.541)
Opportunities
- • Large addressable test preparation market with robust growth trajectory(p.31)
- • Online education penetration expansion opportunity(p.31)
- • Broad-based growth across multiple education segments(p.31)
- • Planned capital deployment for organic and inorganic growth(p.32)
- • Expansion into international markets through Middle East operations(p.103)
- • Growing demand for test preparation and entrance coaching(p.103)
- • Capital availability for growth from IPO net proceeds of ₹31,000 million(p.136)
- • India's online education market projected to grow at 26% CAGR to ₹1,700-1,900 billion by FY2030, from ₹550-600 billion in FY2025(p.229)
- • Tier 2 and beyond cities represent 46% of education market by FY2030, up from 43% in FY2025, with Tier 2+ cities growing at 11% CAGR(p.228)
- • Upskilling market projected to grow at 27% CAGR from ₹210-250 billion (FY2025) to ₹730-830 billion (FY2030)(p.246)
- • Test preparation market projected to grow to ₹1.9-2.1 trillion by FY2030 from ₹1-1.1 trillion in FY2025, driven by increasing competition for limited seats(p.234)
- • Online education penetration in India very low at 4% in FY2025, offering significant whitespace expansion opportunity reaching 7% by FY2030(p.229)
- • Consolidation opportunity in fragmented K-12 and test preparation segments; 13+ M&A deals in Indian education in CY2024(p.249)
- • AI adoption enabling scalability and personalization at lower costs through automated doubt resolution, personalized feedback, and adaptive learning(p.254)
- • Higher education market growing 10% CAGR to ₹9-10 trillion by FY2030; online MBA/PGDM enrollments projected to grow from 0.18-0.26 million (FY2025) to 0.4-0.5 million (FY2030)(p.232)
- • Large Indian education market projected to grow at 10% CAGR to ₹24-26 trillion by 2030(p.272)
- • Growing demand for test preparation courses with 11% CAGR growth(p.272)
- • Expansion opportunity across multiple new education categories(p.272)
- • Backward and forward integration opportunity across education value chain(p.272)
- • Strategic expansion through inorganic acquisitions in underserved geographies(p.274)
- • Cross-sell and up-sell opportunities through ecosystem network effects(p.269)
- • Rising middle-income households with increasing education spending propensity(p.268)
- • Expansion through K-12 school partnerships under PW brand(p.417)
- • Growth in student financing through strategic non-banking finance partnerships(p.416)
- • Strategic investment in associate company in IT education sector(p.413)
- • Leverage of substantial cash reserves and investments for growth(p.414)
- • Rapid revenue growth from coaching services(p.436)
- • Expansion into new segments including wellness and fintech(p.469)
- • Growing geographic footprint internationally(p.436)
- • Successful conversion of CCPs to equity post-IPO clarity(p.469)
- • Large growing online education market(p.502)
- • Expansion into new Education Categories(p.493)
- • Growing test preparation market(p.502)
- • Expansion into non-flagship education categories offline(p.497)
- • Leveraging technology stack at low costs for scale(p.498)
- • International expansion opportunity(p.493)
Threats
- • First-time listing pricing volatility and liquidity risk(p.3)
- • Intense competitive landscape in test preparation(p.30)
- • Regulatory and policy risks in education sector(p.5)
- • Macroeconomic sensitivity to discretionary education spending(p.29)
- • Ease of content duplication due to public syllabi availability(p.98)
- • Regulatory risks from evolving data protection and labour laws(p.98)
- • Foreign investment restrictions limiting international shareholder base(p.109)
- • Economic sensitivity to discretionary spending cycles and inflation(p.108)
- • Geopolitical risks affecting Middle East operations(p.103)
- • Uncertainty regarding continuance of tax benefits(p.200)
- • Regulatory changes in tax law(p.200)
- • Economic downturns and inflationary pressures can reduce affordability of education services, particularly in price-sensitive segments(p.258)
- • Government policy changes on curriculum, accreditation, and funding can disrupt operations and require costly compliance adjustments(p.258)
- • Regulatory changes such as mandatory registration requirements for test preparation players can increase compliance burdens and operational costs(p.258)
- • Exam format and syllabus changes by National Testing Agency require costly content updates; JEE Main questions reduced Oct 2024, chapters removed Nov 2023(p.258)
- • Mental health crises and student suicides linked to competitive exam pressure expose companies to legal liability and heightened regulatory scrutiny(p.259)
- • Intense competition from domestic and global players requires continuous innovation to maintain market position(p.259)
- • Cyclical academic calendar creates revenue volatility with peaks during enrollment periods and dips during exams/vacations, reducing operational efficiency(p.259)
- • Scaling technology infrastructure to remote regions with poor connectivity and limited device access requires substantial capital investment(p.258)
- • State-specific coaching legislation requiring registration and compliance(p.297)
- • National guidelines prohibiting enrollment of students below 16 years(p.297)
- • Restrictions on misleading advertising in coaching sector(p.298)
- • Regulatory restrictions on commercial communications and telemarketing(p.297)
- • National Education Policy aims to reduce reliance on coaching(p.299)
- • Intense competition from established and emerging edtech players(p.267)
- • Potential regulatory challenges for financial services through subsidiary(p.274)
- • Intense competition in edtech industry affecting market position(p.394)
- • Regulatory uncertainty regarding online education and compliance requirements(p.399)
- • Dependence on student acquisition and retention in discretionary education market(p.394)
- • Currency and commodity price risks affecting costs(p.382)
- • Acquired subsidiary viability risks evidenced by going concern warnings(p.400)
- • Competitive intensity in online education market(p.448)
- • Regulatory uncertainty in education sector(p.469)
- • Heavy dependence on advanced customer payments creating working capital vulnerability(p.437)
- • Operational complexity from multiple acquisition integrations(p.434)
- • Seasonality dependence on examination schedules(p.502)
- • Intense competition in fragmented education market(p.502)
- • Dependence on founder leadership(p.500)
- • Rising cost pressures from employee and operational expenses(p.500)
- • Regulatory risks in education sector(p.502)
- • Overall education market growth rate lower than online segment(p.502)
- • Criminal proceedings and regulatory investigations(p.539)
- • Regulatory restrictions on student admissions(p.541)
- • Outstanding indirect tax proceedings(p.542)
- • Regulatory compliance challenges with pending approvals(p.550)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Alakh Pandey | Promoter/Promoter Selling Shareholder | 40.31% (1,051,200,000 equity shares of face value ₹1 each) | — |
| Prateek Boob | Promoter/Promoter Selling Shareholder | 40.31% (1,051,200,000 equity shares of face value ₹1 each) | — |
| Alakh Pandey | Promoter | — | — |
| Prateek Boob | Promoter | — | — |
| Alakh Pandey | Promoter | 40.31% | — |
| Prateek Boob | Promoter | 40.31% | — |
| Alakh Pandey | Promoter | 40.31% | — |
| Prateek Boob | Promoter | 40.31% | — |
| Alakh Pandey | Founder/Promoter | — | — |
| Prateek Boob | Co-founder/Promoter | — | — |
| Alakh Pandey | Promoter/Founder | — | — |
| Prateek Boob | Promoter/Founder | — | — |
| Alakh Pandey | Promoter | 80.62% (on fully diluted basis pre-Offer) | — |
| Prateek Boob | Promoter | 80.62% (on fully diluted basis pre-Offer, aggregate with Alakh Pandey) | — |
| Alakh Pandey | Promoter | 50.00% | 48.08% |
| Prateek Boob | Promoter | 50.00% | 48.08% |
| Alakh Pandey | Founder & Promoter | — | — |
| Prateek Boob | Founder & Promoter | — | — |
| Alakh Pandey | Promoter Selling Shareholder | — | — |
| Prateek Boob | Promoter Selling Shareholder | — | — |
| ALAKH PANDEY | Founder/Director | — | — |
| RAJAT PANDEY | Director | — | — |
| Alakh Pandey | Promoter Selling Shareholder | — | — |
| Prateek Boob | Promoter Selling Shareholder | — | — |
Leadership
Alakh Pandey · CEO/Whole-Time Director/Promoter
Prateek Boob · Whole-Time Director/Promoter
Deepak Amitabh · Chairperson
Amit Sachdeva · CFO
Ajinkya Jain · Group General Counsel/Company Secretary/Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.