Indian edtech startup Imarticus Learning plans to file a draft red herring prospectus (DRHP) in the next 4-5 months for its IPO, aiming to raise 750 crore rupee (US$8.78 million).

The IPO will include fresh shares and the sale of existing ones. Investment bank IIFL will manage the process.

Founded in 2012, Imarticus Learning has been profitable for the past 7-8 years.

In FY25, the company saw a 16% YoY revenue increase to 205 crore rupee (US$24.01 million), with a doubling of EBITDA.

Offering courses in finance, data analytics, and business management, the firm collaborates with IIT Roorkee and IIM Lucknow. It serves about 40,000 users annually, including individual learners and corporate employees.

🔗 Source: Inc42

🧠 Food for thought

1️⃣ Counter-cyclical profitability suggests business model discipline trumps scaling in edtech

Imarticus Learning has maintained profitability for 7-8 consecutive years during a period when most edtech companies struggled with unsustainable economics 1.

While major players like BYJU’S collapsed and dozens of startups shut down operations, Imarticus achieved consistent 25-30% year-on-year revenue growth while keeping costs under control 1.

The company’s bootstrapped origins appear to have instilled financial discipline, with revenue diversification across finance (40%), analytics (30%), and management/HR courses providing stability 1.

Their approach contrasts sharply with the high-burn, high-growth strategy that dominated Indian edtech during 2020-2021, suggesting that measured expansion beats rapid scaling in specialized education sectors.

Imarticus’s focus on sustainable unit economics mirrors Physics Wallah’s approach, which also remained profitable while growing. Both companies are now preparing for public markets while competitors restructure or shut down 1.

2️⃣ Lower-cost offline acquisition strategy defies digital-first edtech assumptions

Imarticus Learning reveals that 50% of its revenue comes through non-digital customer acquisition channels—a striking departure from conventional edtech strategies 1.

The company deploys 200-250 people to visit colleges and corporate parks, building a human-centered acquisition model that costs approximately 40% less than digital marketing channels 1.