PhysicsWallah has partnered with Vi (Vodafone Idea) to provide integrated digital learning support for students through a first-of-its-kind prepaid offering that combines premium EdTech access with unlimited connectivity. Initially launched for students in Rajasthan and UP East, the partnership makes PhysicsWallah's educational OTT platform, Pi, available as a bundled benefit with select Vi prepaid recharge plans under Vi Edu+. The offering is available to both existing and new Vi customers and is designed to streamline the learning experience for students preparing for Board Examinations and competitive examinations such as JEE, NEET, and UPSC.

Partnership Structure and Pricing

The Vi Edu+ prepaid packs are priced differently across the two launch circles, with plans for phased expansion to additional circles. The key details of the offering are outlined below:

Customers who purchase Vi Edu+ plans can get instant access to the Pi platform via the PhysicsWallah app and website. The subscription validity of 28 days matches the prepaid cycle, ensuring uninterrupted learning without additional monthly fees. This integration turns a mobile device into a complete study tool, making quality education accessible regardless of proximity to coaching centres.

Platform Content and Features

PW Pi Pro offers a comprehensive and distraction-free learning experience. The platform's key features include:

• Unlimited live and recorded lectures
• AI-powered doubt solving
• Quizzes and performance tracking tools
• Practice tests and curated study material across multiple subjects and exam categories
• Over 30,000 video lectures by experienced faculties
• One-shot revision series and handwritten notes
• Offline download flexibility

The content library spans from kindergarten to Class 12, along with preparation for JEE, NEET, UPSC, Defence, CUET, CSIR NET, GATE, and Olympiads. It also offers upskilling courses in Tech, Finance, Gen AI, Design, and Marketing.

Voices from the Partnership

Prateek Maheshwari, Co-Founder of PhysicsWallah, commented: "Our focus has always been on making quality education accessible and effective for students. Through this partnership with Vi, we are bringing the Pi platform's comprehensive resources directly to learners. By providing access to structured content, from practice tests to expert lectures, within a single mobile recharge, we aim to simplify the digital learning experience and help students stay focused on their academic goals."

Avneesh Khosla, Chief Marketing Officer, Vi, said: "At Vi, we are constantly innovating to deliver meaningful value beyond connectivity. With Vi Edu+, we are taking a significant step towards integrating education into our core offerings, enabling access to quality learning for millions of students. Our partnership with PhysicsWallah allows us to bring credible and structured educational content to a wider audience, especially those who aspire to learn and grow but are constrained by affordability or access. This initiative reflects our commitment to driving digital inclusion through purposeful innovation."

About the Companies

PhysicsWallah Limited (PW) is an education platform founded in 2020 by Alakh Pandey and Prateek Maheshwari, headquartered in Noida, Uttar Pradesh. Initially launched as a YouTube channel in 2014, PW now offers education through its native app, tech-enabled offline and hybrid centres, and YouTube channels. PW's offerings span various educational segments, including test preparation, a skilling vertical, coaching for higher education, and facilitating education abroad, with programs available in multiple vernacular languages. PhysicsWallah Limited was listed on the National Stock Exchange of India Limited (NSE) and BSE Limited on November 18, 2025.

Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership and is amongst India's leading telecom service providers. The company provides pan India Voice and Data services across 2G and 4G technology, holds a large spectrum portfolio including mid band 5G spectrum in 17 circles and mmWave spectrum in 16 circles, and is in the process of launching 5G in 17 circles.

PhysicsWallah has received positive coverage from JPMorgan, which initiated an Overweight rating on the edtech company with a target price of ₹125. The investment bank's bullish stance reflects confidence in the company's strategic positioning within India's rapidly expanding online education sector.

Market Opportunity and Growth Drivers

JPMorgan highlights PhysicsWallah's strong positioning in the online test preparation market, which is experiencing robust growth at a compound annual growth rate (CAGR) of 29%. The brokerage firm identifies the company's low-cost online and hybrid educational model as primary catalysts driving this growth trajectory.

Financial Projections and Margin Outlook

The investment bank projects attractive profitability metrics for PhysicsWallah, with margins expected to reach approximately 30% by FY27. This margin expansion reflects the scalability of the company's digital-first approach and operational efficiency improvements.

Business Expansion and Strategic Optionality

JPMorgan recognizes additional growth opportunities through PhysicsWallah's diversification strategy. The expansion into offline centers and school business segments provides strategic optionality beyond the core online platform, potentially creating multiple revenue streams and market penetration avenues.

Risk Factors and Challenges

Despite the positive outlook, JPMorgan acknowledges several risk factors that could impact PhysicsWallah's growth trajectory:

• Student and faculty churn: Retention challenges in the competitive edtech landscape
• Regulatory changes: Potential policy modifications affecting the education sector
• Slower online growth: Risk of deceleration in digital adoption rates

The Overweight rating reflects JPMorgan's confidence in PhysicsWallah's ability to navigate these challenges while capitalizing on the significant growth opportunities in India's evolving education technology market.