Think Investments Infuses Rs 136 Crore in PhysicsWallah Ahead of 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 fresh infusion comes as the company gears up for its upcoming initial public offering (IPO) next week.
As part of the transaction, Think Investments picked up 1.07 crore equity shares, amounting to 0.37% stake in PhysicsWallah from 14 employees of the edtech firm. The shares were bought at Rs 127 per piece, which is 17% above the issue price. This translates into a transaction size of Rs 136.17 crore.
Transaction Details
"Pursuant to share purchase agreement dated Nov. 3 read with the amendment letter dated Nov. 3, 2025 entered into, 14 employees of the company have transferred an aggregate of 10,722,708 equity shares… to Think India Opportunities Master Fund LP on Nov. 4, for an aggregate consideration of Rs 136.17 crore," PhysicsWallah said in a public announcement.
Think Investments is a $4 billion global investment firm, focusing on backing technology-driven early-stage businesses. In India, Think Investments has built a diverse portfolio with investments in some of the prominent companies, including Swiggy, FirstCry, Urban Company, PharmEasy, Experian, Spinny, NSE, Star Health, Meesho, Rapido, Chaayos, and Dream11.
Previous Funding Rounds
Between January and July 2025, PhysicsWallah witnessed robust 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 edtech company’s long-term growth story, investing nearly Rs 76 crore through multiple tranches during the period.
IPO Details
PhysicsWallah is preparing to launch its Rs 3,480-crore initial public offering (IPO), opening on Nov. 11. The firm has fixed a price band of Rs 103-109 per share, targeting a valuation of over Rs 31,500 crore at the upper 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 hold 80.62% of the company, which will reduce to 72% post-IPO. Notably, none of the early investors will sell their stakes in this offering. The issue will close on Nov. 13, with anchor investor allocation scheduled for Nov. 10.
The IPO proceeds will be used to fund expansion and growth initiatives.
Investor Sentiment
The investment by Think Investments ahead of the IPO is a significant vote of confidence in PhysicsWallah’s growth potential. The edtech company has been expanding its offerings and strengthening its position in the Indian education market.
For investors looking to participate in the IPO, it’s essential to evaluate the company’s financials, growth prospects, and industry trends. IPO investment strategies and edtech industry trends can provide valuable insights for making informed decisions.
Conclusion
The investment by Think Investments in PhysicsWallah is a testament to the edtech company’s growth potential and the confidence of global investors in the Indian startup ecosystem. As PhysicsWallah gears up for its IPO, investors will be closely watching the company’s performance and the overall market sentiment.
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