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Aggressive accounting, failed acquisitions and soaring customer acquisition costs lurk beneath India’s first edtech IPO.

AI is set to disrupt the sector. While the path ahead looks tough for legacy publishers like S Chand Publishing and Arihant Publications, things don’t look encouraging for others in the industry either.
Co-founders Alakh Pandey and Prateek Maheshwari made Physics Wallah the company it is today by keeping their focus on the digital media, test-prep business. With fresh funds at its disposal after the IPO, it is making the mistake of believing it is an education company.
The UAE-based school operator is making a move into Saudi Arabia as it enters its biggest expansion phase yet.