PhysicsWallah secures Rs 136 crore from Think Investments before Rs 3,480-crore IPO

Global investment firm Think Investments has invested Rs 136 crore in edtech unicorn PhysicsWallah ahead of its Rs 3,480-crore IPO opening on November 11. The investment involves a 0.37 per cent stake purchase from 14 employees at Rs 127 apiece

New Delhi: Global investment firm Think Investments has invested a little over Rs 136 crore in edtech unicorn PhysicsWallah as part of a pre-IPO funding round.

The fresh infusion comes as the company gears up for its upcoming initial public offering (IPO) next week. As part of the transaction, Think Investments picked up 1.07 crore equity shares, amounting to 0.37 per cent stake in PhysicsWallah from 14 employees of the edtech firm.

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The shares were bought at Rs 127 per piece, which is 17 per cent above the issue price. This translates into a transaction size of Rs 136.17 crore. “Pursuant to the share purchase agreement dated November 3, read with the amendment letter dated November 3, 2025, entered into, 14 employees of the company have transferred an aggregate of 10,722,708 equity shares… to Think India Opportunities Master Fund LP on November 4, for an aggregate consideration of Rs 136.17 crore,” PhysicsWallah said in a public announcement.

Think Investments is a USD 4 billion global investment firm, focusing on backing technology-driven early-stage businesses. In India, Think Investments has built a diverse portfolio with investments in some of the prominent companies, including Swiggy, FirstCry, Urban Company, PharmEasy, Experian, Spinny, NSE, Star Health, Meesho, Rapido, Chaayos, and Dream11.

Between January and July 2025, PhysicsWallah witnessed robust investor interest through a series of ESOP liquidations facilitated by Funds India, a wholly-owned subsidiary of WestBridge Capital. These transactions were executed at Rs 127-137 per share.

Several reputed family offices have shown their confidence in the edtech company’s long-term growth story, investing nearly Rs 76 crore through multiple tranches during the period. PhysicsWallah is preparing to launch its Rs 3,480-crore initial public offering (IPO), opening on November 11. The firm has fixed a price band of Rs 103-109 per share, targeting a valuation of over Rs 31,500 crore at the upper end.

The IPO includes a fresh issue of Rs 3,100 crore and an offer-for-sale (OFS) of Rs 380 crore by co-founders and promoters Alakh Pandey and Prateek Boob. Together, the promoters hold 80.62 per cent of the company, which will reduce to 72 per cent post-IPO. Notably, none of the early investors will sell their stakes in this offering. The issue will close on November 13, with anchor investor allocation scheduled for November 10.

The IPO proceeds will be used to fund expansion and growth initiatives.