Global investment firm Think Investments has invested a little over ₹136 crore in edtech unicorn PhysicsWallah (PW) ahead of its initial public offering (IPO) next week, underscoring strong investor interest in India’s first listed edtech startup.
As part of the pre-IPO transaction, Think Investments picked up 1.07 crore equity shares from 14 employees of the company at ₹127 apiece, a 17% premium to the upper end of the IPO price band of ₹109 per share. This translates to a transaction size of ₹136.17 crore, according to a company filing.
“Pursuant to the share purchase agreement dated November 3, 2025, 14 employees of the company transferred an aggregate of 10,722,708 equity shares to Think India Opportunities Master Fund LP for an aggregate consideration of ₹136.17 crore,” PhysicsWallah said in a public announcement.
Think Investments, which manages over $4 billion globally, has backed several prominent Indian companies including Swiggy, FirstCry, Urban Company, PharmEasy, Meesho, Rapido, and Dream11.
PhysicsWallah’s ₹3,480-crore IPO will open on November 11 and close on November 13, with anchor investor allocation on November 10. The company has fixed a price band of ₹103–₹109 per share, valuing it at over ₹31,500 crore at the upper end.
The issue includes a fresh issue of ₹3,100 crore and an offer for sale of ₹380 crore by Alakh Pandey and Prateek Maheshwari. Post-listing, promoter holding will fall from 80.6% to 72%, while early backers will not sell any stake.
In a recent conversation with BusinessLine, Maheshwari said the IPO was “priced modestly to leave value on the table for retail investors.” He added, “We are a domestic brand emotionally connected with our students and parents. For us, listing gains for retail investors matter more than a headline valuation.”
Published on November 8, 2025
