Global investment firm Think Investments has infused ₹136 crore into edtech unicorn PhysicsWallah (PW) as part of a pre-IPO funding round. This investment comes just ahead of PhysicsWallah's initial public offering (IPO), which is set to open on November 11, 2025.
Think Investments acquired 1.07 crore equity shares, representing a 0.37% stake in PhysicsWallah, from 14 employees of the edtech firm. The shares were purchased at ₹127 per share, which is 17% higher than the upper end of the IPO price band. This translates to a total transaction value of ₹136.17 crore.
PhysicsWallah's IPO is a book-built issue with a total value of ₹3,480 crore. The issue comprises a fresh issue of 28.44 crore shares aggregating to ₹3,100 crore and an offer for sale (OFS) of 3.49 crore shares aggregating to ₹380 crore. The IPO will be open for subscription from November 11, 2025, to November 13, 2025. The allotment is expected to be finalized on November 14, 2025, with a tentative listing date on the BSE and NSE set for November 18, 2025.
The price band for the IPO has been fixed at ₹103 to ₹109 per share. Retail investors can apply for a minimum of 137 shares, amounting to ₹14,933 at the upper price band. The minimum lot size investment for small non-institutional investors (sNII) is 14 lots (1,918 shares), amounting to ₹2,09,062, and for big non-institutional investors (bNII), it is 67 lots (9,179 shares), amounting to ₹10,00,511.
Kotak Mahindra Capital Co. Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar for the issue.
The net proceeds from the fresh issue will be used for: * Funding capital expenditure for new offline and hybrid centers. * Lease payments for existing offline and hybrid centers. * Server and cloud-related infrastructure costs. * Marketing initiatives. * Investment in subsidiaries. * Funding inorganic growth through unidentified acquisitions. * General corporate purposes.
PhysicsWallah was founded by Alakh Pandey and Prateek Boob in 2020. The company offers free and paid courses, covering exams like JEE, NEET, UPSC, GATE, and other government tests, as well as upskilling programs in areas such as data science, finance, and software development. As of June 30, 2025, PW had 4.13 million online transacting users and 0.33 million offline enrollments.
The company reported revenue of ₹3,039.09 crores in 2025 against ₹2,015.35 crores in 2024.
The IPO is expected to be a landmark event for India's edtech industry. PhysicsWallah is targeting a valuation of $3.6 billion at the upper end of the price band. Post-IPO, the founders will hold approximately 72% of the company. None of the early investors are selling their stakes in this offering.
