Think Investments is investing Rs 136 crore in PhysicsWallah ahead of its IPO

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 new infusion comes as the company gears up for its upcoming initial public offering (IPO) next week.

As part of the transaction, Think Investments bought 1.07 crore shares, amounting to 0.37 percent stake in PhysicsWallah, from 14 employees of the edtech company.The shares were bought at Rs 127 each, which is 17 percent above the issue price. This translates into a transaction size of Rs 136.17 crore.

“As per the share purchase agreement dated November 3, read with the amendment letter dated November 3, 2025, 14 employees of the company transferred a total of 10,722,708 equity shares to Think India Opportunities Master Fund LP on November 4, for a total consideration of Rs 136.17 crore,” PhysicsWallah said in a public announcement.

Think Investments is a $4 billion global investment firm focused on backing early-stage technology-driven companies. In India, Think Investments has built a diverse portfolio with investments in some of the leading companies including Swiggy, FirstCry, Urban Company, PharmEasy, Experian, Spinny, NSE, Star Health, Meesho, Rapido, Chaayos and Dream11. Between January and July 2025, PhysicsWallah witnessed strong 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 long-term growth story of the edtech company, investing nearly Rs 76 crore in multiple tranches during the period.

PhysicsWallah is gearing up to launch its initial public offering (IPO) worth Rs 3,480 crore, slated to open on November 11. The company has set a price band of Rs 103-109 per share, targeting a valuation of over Rs 31,500 crore at the top 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 own 80.62 percent of the company, which will decrease to 72 percent after the IPO. Notably, none of the early investors will sell their shares in this offering. The issuance will close on November 13, with an anchor investor allocation scheduled for November 10.

Proceeds from the IPO will be used to fund expansion and growth initiatives.