From Byju’s to PhysicsWallah — "The Lie That Built Indian EdTech"

“From Byju’s to PhysicsWallah — The Lie That Built Indian EdTech”

In Indian edtech, numbers were never the problem — honesty was.

First, Byju’s sold dreams to investors.

Now, PhysicsWallah is selling discipline wrapped in denial.

Here’s the truth from the DRHP (not the PR deck):

• Claimed $280–300M in treasury.

• DRHP shows ₹53.7 cr (~$6.4M) cash left.

• Raised roughly $210–244M, yet reported a loss of ₹243 cr in FY25.

• Even with ₹506.9 cr operating inflow, cash reserves fell — that’s not “cash generation,” that’s burn with a nicer name.

We’ve seen this movie before.

Byju’s started with “unstoppable growth.” It ended with unpaid bills and unanswered questions.

PhysicsWallah’s numbers don’t scream collapse yet —

but the narrative gap between what’s said and what’s filed? That’s how every downfall begins.

In this ecosystem, founders don’t need more funding.

They need truth discipline.

Because once you go public, the DRHP doesn’t lie — people do.