Global investment firm Think Investments acquired a 0.41% stake in edtech unicorn PhysicsWallah for approximately Rs 136 crore through a secondary share transaction completed on November 4, days before the company’s Rs 3,480-crore IPO scheduled to open on November 11.
The $3-billion investment firm purchased 10.72 million shares from 14 PhysicsWallah employees at Rs 127 apiece—17% higher than the IPO’s upper price band of Rs 109 per share, as per a public announcement filed by the company.
The premium pricing signals strong investor appetite for the Noida-based test preparation platform, which has set its IPO price band at Rs 103-109. At the upper end, PhysicsWallah will command a valuation of Rs 31,500 crore (around $3.6 billion), marking a 30% jump from its last funding round in September 2024 when it raised $210 million led by Hornbill Capital and Lightspeed.
Think Investments, which backs technology-driven ventures across public and private markets, counts Dream11, Swiggy, Spinny, FirstCry, Chaayos, and Pharmeasy among its Indian portfolio companies.
A significant portion of the Rs 3,100 crore fresh capital that the company plans to raise through the issue will be deployed for offline expansion and marketing.
As of the RHP date, co-founders Alakh Pandey and Prateek Maheshwari each hold 40.31% stake, followed by WestBridge Capital with 7.8%, Hornbill Capital with 4.41%, GSV Ventures with 2.85%, and Lightspeed with 1.79%. Notably, none of the early investors are selling their stakes in the IPO.