Physics Wallah has filed for a ₹3,820 crore IPO earlier this week making it India’s first  edtech unicorn to go public. Founded by Alakh Pandey, the YouTube tutor turned entrepreneur, PW disrupted test prep with free videos and low-cost courses. It scaled into a unicorn with offline centres, AI tools, and millions of loyal students.

But as it steps into the public markets, Pandey’s cult-like persona, the company’s biggest strength, may also be its biggest risk.

Can a business built around one man survive investor scrutiny?

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