Imarticus Learning, the Mumbai-based edtech company founded by Nikhil Barshikar and Sonya Hooja, is planning to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential route in the next two to three months for a proposed Rs 1,000 Cr IPO.
The planned issue size marks an increase from the Rs 750 crore IPO that the company was considering earlier. The proposed offering is expected to include a fresh issue of shares and an offer for sale (OFS), although the final structure and allocation have not been confirmed.
The company plans to use the IPO proceeds to expand its existing operations and pursue acquisitions. Its organic growth strategy could include setting up more Centres of Excellence (CoEs), expanding the Imarticus School of Finance and Business (ISFB), and strengthening its business-to-business (B2B) training operations.
Imarticus Expands Through Acquisitions and New Learning Centres
The IPO preparations come after Imarticus acquired Singapore-based BELLS Institute of Higher Learning in a deal estimated at around Rs 800 Cr, according to sources cited by Moneycontrol. Announced in July 2026, the acquisition gives Imarticus a foothold in Singapore and a base for expanding across Southeast Asia. It also adds capabilities in enterprise learning, artificial intelligence (AI), data analytics, technology and workforce development.
Imarticus plans to introduce the BELLS School of AI, with programmes covering machine learning, AI applications in finance and fintech, and business transformation.
The company has also been expanding its domestic education portfolio. It inaugurated a Centre of Excellence focused on the Indian capital market in August 2026, following the launch of ISFB in 2025. The school began with an inaugural undergraduate batch of 50 students.
Founded in 2012, Imarticus offers professional education and upskilling programmes in finance, banking, analytics, technology, marketing and management. Its business serves both individual learners and working professionals, alongside corporate clients seeking employee training, e-learning and workforce development solutions.
The company also acquired edtech platform MyCaptain in a Rs 50 crore cash & stock deal in 2025, broadening its course portfolio with expertise in digital marketing.
Imarticus IPO Comes Amid Edtech Sector Consolidation
Imarticus has previously highlighted its profitability and growth as it prepared for a public-market debut, co-founder and CEO Nikhil Barshikar said the company was targeting a Rs 750 crore IPO and had been profitable for several years. The company reported revenue of Rs 205 crore for FY25, according to figures cited in subsequent IPO coverage, and had indicated a FY26 revenue target of Rs 300 - 320 Cr. These figures should not be treated as audited FY26 results.
The proposed IPO comes as India’s edtech sector continues to adjust to slower funding, tighter cost management and consolidation. PhysicsWallah completed its IPO in November 2025, while upGrad completed its acquisition of Unacademy in September 2026 at a reported valuation of just over $200 Mn far below Unacademy’s peak valuation.
For Imarticus, a public listing could provide capital for expansion while offering existing shareholders a route to partial liquidity through an OFS. However, the proposed Rs 1,000 crore issue remains a reported plan: the filing date, final issue size, valuation and share-sale structure will become clearer as the company moves through the IPO process.
The next key milestones will be the formal filing, disclosure of financial performance and the eventual details of the offer. Until then, investors should distinguish the reported IPO preparations from a confirmed public issue.
