US-based global investment firm Think Investments has infused ₹136.17 crore into PhysicsWallah (PW) through a secondary share purchase, ahead of the edtech company’s much-awaited ₹3,480-crore initial public offering (IPO).
The investment was made through the purchase of 10.7 million shares from 14 employees at a price of ₹127 per share, valuing the company at a premium of nearly 17% over the upper end of its IPO price band. The transaction gives Think Investments a 0.37% stake in PhysicsWallah.
Founded by Alakh Pandey and Prateek Boob, PhysicsWallah has announced an IPO comprising a ₹3,100-crore fresh issue and an offer for sale (OFS) worth ₹380 crore by the promoters. The issue will open on November 11, 2025, with a price band set at ₹103–₹109 per share.
Post-listing, the promoters’ combined stake will reduce from 80.62% to around 72%, while no institutional investors are expected to dilute their holdings.
Think Investments, which manages a global portfolio of approximately US $4 billion, is known for backing high-growth technology-driven firms, including Swiggy, FirstCry, and Urban Company.
The latest investment highlights continued institutional interest in PhysicsWallah, which has previously facilitated several employee stock-option (ESOP) liquidation rounds in 2025 at valuations ranging from ₹127–₹137 per share.
Proceeds from the IPO are expected to be deployed toward business expansion, product development, and strengthening the company’s hybrid education model across India.
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