US-based Think Investments buys stake worth Rs 136 crore in PhysicsWallah ahead of IPO

US-based investment firm Think Investments has acquired a stake in edtech unicorn PhysicsWallah (PW) through a secondary transaction, just days before the company’s initial public offering. The deal marks Think’s latest India bet, underscoring its continued confidence in the country’s technology ecosystem.

According to the company’s filing, Think Investments purchased 1.07 crore equity shares (10,722,708 shares) from 14 employees at Rs 127 per share, amounting to a total consideration of Rs 136.17 crore. This represents approximately 0.41% of PhysicsWallah’s pre-offer equity and 0.37% of its post-offer shareholding. The transaction was executed on November 4, 2025, at a 17% premium to the upper end of PhysicsWallah’s IPO price band of Rs 109 per share.

“Pursuant to the share purchase agreement dated November 3, 2025, and the amendment letter of the same date, 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,” the filing stated.

Founded in 2013 by Shashin Shah, a former partner at Valiant Capital and ex–Blue Ridge Capital executive, Think Investments is a $3 billion global investment firm with offices in San Francisco and Mumbai. The firm has backed several high-profile Indian startups including Swiggy, FirstCry, Urban Company, PharmEasy, Spinny, Meesho, Rapido, Chaayos, NSE, and Dream11.

The transaction comes as PhysicsWallah prepares for its Rs 3,480 crore IPO, opening on November 11 and closing on November 13. The offering comprises a fresh issue of Rs 3,100 crore and an offer for sale of Rs 380 crore by co-founders Alakh Pandey and Prateek Maheshwari. Post-IPO, the founders’ combined holding will reduce from 80.62% to around 72%, while none of the early institutional investors will offload shares.

At the upper end of its price band (Rs 103–109), PhysicsWallah will be valued at about Rs 31,500 crore, up from its last private valuation of $2.8 billion in September 2024.

The company plans to deploy a large portion of the IPO proceeds to scale its offline and hybrid learning network. About Rs 460.6 crore has been earmarked for the fit-outs of new centres, while Rs 548.3 crore will go toward lease payments for existing facilities.

As of Q1 FY26, PhysicsWallah operated 303 centres across six business verticals, a 68% increase from the 182 centres a year earlier.

On the financial front, the firm reported a net loss of Rs 125.5 crore in Q1 FY26, compared with Rs 70.6 crore a year ago, even as operating revenue grew 33% year-on-year to Rs 847 crore.