Parent: Dr. Malpani, I’ve been seeing a lot of hype around PhysicsWallah’s IPO. They’re calling it the future of affordable education in India. Should I consider investing?
Dr. Malpani: Only if you believe that coaching classes will survive the next five years — which I don’t. In fact, I believe the PhysicsWallah IPO is going to be a big flop, not because it’s a bad company, but because the entire model of commercial tuitions is becoming obsolete.
1. The Illusion of Long-Term Value
Let’s look at this like a smart investor would.
The Net Present Value (NPV) of a business is determined by its future cash flows — not the hype today, but the sustained profits tomorrow.
Now ask yourself:
Will parents still be paying lakhs for tuitions 5 years from now, when their children can access free, AI-powered, hyper-personalised tutors that are available 24×7?
I highly doubt it. And deep down, so do most smart parents.
2. Coaching Classes Have a Shelf Life
PhysicsWallah — like other coaching giants — is built on the traditional classroom model:
- One-size-fits-all teaching
- Exam-focused content
- Recorded videos or packed classrooms
- Batch-based coaching
This worked 10 years ago. But the tide is turning fast.
AI tutors can now:
- Detect your child’s learning gaps in real-time
- Adjust the pace and style to match their preferences
- Provide instant feedback and explanations
- Work at 2 AM, never take a break, and never get impatient
Why would any rational parent choose a coaching class over this?
3. PW Sells Hope, Not Education
Let’s be honest: the PhysicsWallah business isn’t about empowering students — it’s about monetising their anxiety.
Their marketing thrives on:
- Fear of failure
- Obsession with ranks
- The myth of guaranteed success
But hope isn’t a sustainable business model — especially when better, cheaper, and free alternatives exist.
4. AI Tutors Are the Future — And They’re Already Here
Whether it’s Khanmigo, ChatGPT-4o, or Eklavya.io, the future of education lies in intelligent, adaptive, AI-powered tutors that are always learning and improving.
And the best part? These tools don’t need to “scale” like traditional classrooms. They don’t need campuses, staff, sales teams, or IPOs. Their marginal cost is nearly zero, and their quality keeps improving.
This means:
Education will soon be abundant, personalised, and free — just like clean air and Wikipedia.
How can a company that charges for batch classes compete with that?
5. Parents Are Waking Up
For too long, parents believed that the only way to secure their child’s future was by enrolling them in expensive coaching classes.
But now they’re seeing:
- Their kids are burnt out
- The competition is unhealthy
- The promises are empty
- And the results often don’t justify the cost
They’re realising that real learning doesn’t happen through lectures — it happens through curiosity, exploration, and self-directed discovery.
Which is exactly what AI tutors enable.
Parent: But if PhysicsWallah and similar companies are heading toward irrelevance, why is there still so much investor interest?
Dr. Malpani: That’s the magic and the madness of IPOs. They sell dreams, not fundamentals. The real value will be visible after the hype dies down and the future starts arriving — fast.
Just like how Kodak collapsed when digital cameras arrived, or how Nokia faded when smartphones took over — coaching factories will fade when education becomes personalised and free.
6. The Smarter Alternative: Digital Learning Pods
If you really want to future-proof your child, don’t waste your money on IPOs or overpriced coaching.
Instead, give them access to:
- A PC
- A safe, supportive environment
- The freedom to explore
- Peer support and adult guidance
That’s what community-based Learning Pods are all about.
No cramming. No stress. Just joyful, self-driven learning using free online tools and AI tutors.
Parent: So you’re saying the PhysicsWallah IPO is more about monetising fear than delivering value?
Dr. Malpani: Exactly. And once parents realise they’ve been sold snake oil — overpriced and outdated — the whole house of cards will collapse.