This recently listed e-learning platform has quite a few peers who are working in similar segments; let us see who they are and how they differ from Physicswallah.
The shares of this recently listed company were the talk of the hour for a few days; with such a spotlight comes the question about how the company is different from others and also which is better in its particular segment. 3 other listed companies are considered the closest, and their details are as follows.
Physics Wallah
Physics Wallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc., and upskilling courses like data science and analytics, banking and finance, software development, etc.
With a market cap of Rs 38,563 crore, the shares of Physicswallah are trading at Rs 135 and have given a return of 44 per cent on their listing day, which was on Tuesday.
PhysicsWallah comes across as a fast-growing, student-focused edtech brand that blends online learning with tech-enabled offline and hybrid centres. It offers everything from JEE, NEET, and UPSC prep to newer upskilling courses in data science, finance, and software development. With a strong digital reach, including 13.7 million YouTube subscribers as of July 15, 2025, the platform has built a large and loyal community.
The scale shows in the numbers: 4.13 million online transacting users, 0.33 million offline students, and an average collection of Rs 3,930.55 per user as of June 30, 2025. Operating across 13 different learning categories, PhysicsWallah has grown into one of India’s top five edtech companies by revenue.
MPS
MPS is a B2B learning and platform solutions company powering education and research for corporations. MPS has unlocked a new growth trajectory due to the combined effect of lower attention spans, rapid growth in digital consumption, and the recent advances in AI/ML.
With a market cap of Rs 3,547 crore, the shares of MPS Ltd are trading at Rs 2,073 and have given a return of 460% over the last 5 years.
MPS Limited’s business model is based on three verticals: Research Solutions, Education Solutions, and Corporate Learning. Research Solutions account for the largest share, which is 61.5%, while Education Solutions are rapidly growing and contributing 27.2%. Corporate learning is being consolidated for unified global growth and contributes the remaining 11.3%.
Veranda learning
Veranda Learning Solutions Ltd is developing & managing an integrated online-to-offline (O2O) EdTech platform which offers a wide range of learning programmes for learners preparing for competitive and professional exams.
With a market cap of Rs 2,015 crore, the shares of Veranda Learning Solutions Ltd are trading at Rs 210 and have given a return of 45% from their listing. The shares have a piotroski score of 5 out of 9
Veranda Learning Solutions makes money by offering education across different areas like school academics, commerce courses, and government exam prep. In the recent quarter, they earned Rs 127 crore, growing 20% over last year.
They’re focusing more on the fast-growing commerce courses, which should make around Rs 343 crore with strong profits by next year. The company is smartly expanding through buying well-known education brands and selling off parts that don’t fit their core plans. Overall, they’re growing steadily and keeping their business strong and efficient while helping more students succeed
Jaro Institute of Technology Management and Research
JITMRL is an online higher education and upskilling platform offering a wide range of degree programmes such as DBA, MBA, M.Com, M.A., PGDM, MCA, M.Sc., B.Com, and BCA and cross-disciplinary certification courses. It partners with 36 institutions, including 16 Tier-1 universities (notably 7 IIMs and 7 IITs) and 15 Tier-2 universities, ensuring strong academic collaboration.
With a market cap of Rs 1,463 crore, the shares of Jaro Institute of Technology Management and Research Ltd are trading at Rs 660 and are trading at a PE of 30.1 , whereas its industry PE is at 22.3.
Jaro Education helps people level up their careers by partnering with top institutions to deliver online degrees and certifications in everything from MBAs and DBAs to tech and business courses. They run 22 centres plus tech studios in leading campuses, working with 36 partner schools to offer different programmes.
Students pay course fees for flexible learning, and Jaro supports them with digital solutions, personal guidance, and a strong team of 860 employees. Their focus on technology and long-lasting relationships lets them help thousands of learners build new skills and land better jobs, all across India.
Written by Leon Mendonca.
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