Think Investments invests Rs 136 crore in PhysicsWallah in run-up to IPO

Global investment firm Think Investments has invested about Rs 136 crore in edtech unicorn PhysicsWallah through a secondary share sale, ahead of the company's upcoming initial public offering (IPO).

The firm purchased about 10.72 million shares, representing 0.41% of PhysicsWallah's pre-offer equity, from 14 employees of the company. The transaction was completed on November 4, according to a public announcement. The shares were bought at Rs 127 per piece, which is 17% above the issue price.

Think Investments is a $3 billion investment firm that backs both public and private companies globally. The firm typically focusses on technology-driven early-stage ventures and has invested in companies such as Chaayos, Dream11, Swiggy, Spinny, FirstCry, and Pharmeasy.

PhysicsWallah is set to launch a Rs 3,480 crore IPO on November 11. A large part of the Rs 3,100 crore fresh capital that the company is raising through the IPO will be deployed for offline expansion, as per its prospectus.

The Noida-based company has set a price band of Rs 103-109 per share for its IPO. At the upper end of the band, the firm will be valued at Rs 31,500 crore, or around $3.6 billion, which is 30% higher than its last valuation when it closed a $210 million funding round in September 2024, led by Hornbill Capital and Lightspeed.

Also Read | PhysicsWallah IPO: Alakh Pandey on edtech's valuation, expanding offline network and more

According to the company's red herring prospectus (RHP), founders Alakh Pandey and Prateek Maheshwari will each offload shares worth Rs 190 crore, totalling Rs 380 crore. None of the investors – including WestBridge Capital, GSV Ventures, Lightspeed, or Hornbill Capital – is selling.

Founded in 2016 as a YouTube channel, PhysicsWallah has expanded into a full-stack education platform spanning online classes, offline centres, test prep, and skilling. In the test-prep segment, the company competes with Aakash Institute, Allen Career Institute, and Unacademy.

Source: EconomicTimes
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