Think Investments Picks Up Stake Worth INR 136 Cr In IPO-Bound PhysicsWallah

SUMMARY

Think Investments acquired 1.07 Cr equity shares of PhysicsWallah, translating to a 0.37 per cent stake, from its 14 employees

The investment firm acquired the shares at INR 127 each, as against PW’s IPO price band of INR 103-109

PW’s public issue will open on November 11 (Tuesday) and close on November 13 (Thursday)

US-based investment firm Think Investments has acquired a stake in IPO-bound edtech unicorn PhysicsWallah (PW) via a secondary transaction.

Think Investments acquired 1.07 Cr equity shares of PW, translating to a 0.37 per cent stake, from its 14 employees, it said in a statement.

The firm acquired the shares at INR 127 each, as against PW’s IPO price band of INR 103-109

“Pursuant to share purchase agreement dated November 3, read with the amendment letter dated November 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 November 4, for an aggregate consideration of INR 136.17 Cr,” the statement said.

Founded in 2013 by Shashin Shah, who previously was a partner at Valiant Capital and also worked at Blue Ridge Capital, Think Investments claims to be a $4 Bn investment firm with offices in San Francisco and Mumbai. It is focussed on backing tech-driven early-stage businesses. It counts Swiggy, FirstCry, Urban Company, PharmEasy, Spinny, Meesho, Rapido, Dream11, among others, in its portfolio.

Earlier this week, PW filed its RHP for INR 3,480 Cr IPO, which will comprise a fresh issue of INR 3,100 Cr and an offer for sale (OFS) of up to INR 380 Cr.

The public issue will open on November 11 (Tuesday) and close on November 13 (Thursday). The anchor bidding will take place on November 10 (Monday) and the company’s shares are expected to list on the exchanges on November 18.

At the upper end of its price band, PW will be valued at INR 31,169 Cr (about $3.5 Bn). PW was last valued at $2.8 Bn during its funding round in September 2024.

A majority of the capital raised from the fresh issue will be used to expand the company’s offline play. While INR 460.6 Cr has been earmarked for fit-outs of new offline and hybrid centers, INR 548.3 Cr has been reserved for lease payments of existing identified offline and hybrid centres.

At the end of Q1 FY26, PW operated 303 centres across six business verticals. This was a 68% jump from 182 centres operated by it a year ago.

On the financial front, the edtech company reported a net loss of INR 125.5 Cr in the first quarter of the ongoing fiscal year (Q1 FY26), up 78% from INR 70.6 Cr a year ago. Operating revenue rose 33% to INR 847 Cr during the quarter from INR 635.2 Cr in Q1 FY25.