2025 Year in Review: IPO, offline push and M&As change maths for test-prep sector

India’s test-preparation segment stayed resilient in 2025 even as large parts of edtech grappled with post-pandemic fatigue, slower enrolments, and weak business models. The year was divergent for the sector: PhysicsWallah went public, while Unacademy is negotiating a sale to Upgrad at a fraction of its peak valuation.