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Edtech unicorn PhysicsWallah has raised its stake in its subsidiary, Utkarsh Classes & Edutech Private Limited, to 75.50% after approving the third round of its investment.
In a regulatory filing on Monday, the company said its audit committee approved buying 25,599 equity shares from existing shareholders. With this purchase, PhysicsWallah’s stake has increased from 63.25% to 75.50%.
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The two companies have been working together in a long-term strategic joint venture since early 2023.
The acquisition is part of a multi-stage share purchase agreement signed in February 2023, through which PhysicsWallah plans to eventually take full ownership of Utkarsh Classes.
The third round is being completed with a cash payment of ₹26.50 crore. PhysicsWallah is buying shares with a face value of ₹10 each at a premium of ₹10,342 per share.
Founded in 2018, Utkarsh Classes runs schools, colleges, and coaching centres in India and abroad. It also provides online educational content and sells books and course materials.
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PhysicsWallah listed on the stock market on November 18 with an IPO of ₹3,480 crore, raising ₹3,100 crore in primary capital. In its RHP, the company said it would use the funds to invest in its subsidiaries and make new acquisitions.
PhysicsWallah has been expanding quickly through deals like the acquisition of Utkarsh Classes to strengthen its position in India’s large test-prep market. In September, it paid ₹95 crore for a 40% stake in Guiding Light Education Technologies Pvt Ltd, which runs UPSC courses under the Sarrthi IAS brand. The company plans to increase its stake by another 45% by FY31.
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