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WestBridge Capital is in no rush to sell stake in its late-stage portfolio even as several companies are charting plans to go public or have already done so, said Sandeep Singhal, cofounder and managing partner at the investment firm.
WestBridge, which holds 5.77% stake in Physicswallah post listing, is sitting on shares worth roughly Rs 2,600 crore, while Hornbill Capital's stake is valued at around Rs 1,716 crore. Lightspeed's holding currently stands at about Rs 716 crore.
Global investment firm Think Investments, which recently increased its stake by acquiring around 5% of the edtech's anchor portion leading up to the IPO, is sitting on shares worth about Rs 165 crore.
For WestBridge, one of the largest investors in consumer internet firms like ecommerce marketplace Meesho and mobility provider Rapido, listings are “not liquidity events” but a natural transition from private to public ownership, Singhal told ET on the sidelines of PhysicsWallah's listing ceremony on Tuesday.
“This business (PhysicsWallah) is going to grow for the next decade at 30% a year. For us, this IPO listing is not a liquidity event,” he said. “It's just that earlier it was private, now it's listed. If you ask whether we will be shareholders 10 years later, its likely I'm going to say yes.”
The stock listed at Rs 145 on the NSE against the issue price of Rs 109. It closed at Rs 156.4, getting to a market capitalisation of Rs 44,751 crore.
The Rs 3,480 crore IPO had seen muted interest on day one, with bids for only 13 million shares, roughly 7% of the 186 million on offer, and most early demand coming from employees, whose quota was fully subscribed. Interest picked up only on the final day, when institutional investors stepped in, helping the offer reach full subscription.
Ahead of the listing, PhysicsWallah secured Rs 1,563 crore from anchor investors, according to a stock exchange filing. The tranche saw participation from 57 institutional buyers, including ICICI Prudential, Kotak, Nippon Life, Franklin Templeton, Goldman Sachs, Fidelity, and Aditya Birla Sun Life.
For the first quarter of the current fiscal year, the company reported an operating revenue of Rs 847 crore and a net loss of Rs 127 crore.
Also Read: PhysicsWallah IPO: Alakh Pandey on edtech's valuation, expanding offline network and more
Singhal said the firm's long-term investing approach stems from its perennial fund structure, which does not require exits within a predefined time, unlike conventional close-ended venture funds or private equity vehicles. WestBridge, which has a total fund size of more than $7.3 billion, has an investment horizon between five to 25 years, with investments ranging from $10 and $500 million.
Some of its other large bets in public firms include Freshworks, HDFC Bank, Indigo, and Dmart.
“We don't have a compulsion or urgency to sell,” he said, adding that exits will be evaluated only when return expectations fall below WestBridge's internal thresholds. “When the forward returns become less than our target returns, only then (do we exit). For all these companies, that's a decade away,” Singhal added.
WestBridge is betting on India's mass-market digital opportunity, citing Meesho and Rapido as examples of platforms solving for affordability and scale.
“For the same mass market, Meesho brings gazillions of products at the cheapest possible price… If you can bring goods to 1.5 billion people at the cheapest price, that's going to be the largest ecommerce company,” he said. On Rapido, he added: “It's the cheapest way to go from place A to place B.”
Singhal's comments come amid rising IPO activity among new-age companies, creating meaningful liquidity for venture capital and growth equity investors. As reported by ET on November 17, about half dozen tech firms, including Urban Company, Lenskart, Groww, Ather Energy, Bluestone and Pine Labs, that have listed so far this year have collectively unlocked more than Rs 15,000 crore ($1.6 billion) in liquidity for shareholders.
Source: EconomicTimes
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