Think Investments invests Rs 136 crore in  IPO-bound PhysicsWallah

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

Think Investments purchased 1.07 crore equity shares of PhysicsWallah (PW), representing a 0.37% stake, from 14 employees, the firm said in a statement. The shares were bought at ₹127 each, higher than PW’s IPO price band of ₹103–₹109.

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“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, Think Investments, a $4 billion investment firm with offices in San Francisco and Mumbai, focuses on backing tech-driven early-stage businesses. Its portfolio includes Swiggy, FirstCry, Urban Company, PharmEasy, spinny, meesho, rapido, and dream11, among others.

Earlier this week, PhysicsWallah (PW) filed its RHP for a ₹3,480 crore IPO, comprising a fresh issue of ₹3,100 crore and an offer for sale (OFS) of ₹380 crore.

The public issue will open on November 11 (Tuesday) and close on November 13 (Thursday), with anchor bidding scheduled for November 10 (Monday). PW’s shares are expected to list on the exchanges on November 18.

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At the upper end of the price band, PW will be valued at ₹31,169 crore (around $3.5 billion) — up from its $2.8 billion valuation in its September 2024 funding round.

Most of the funds from the fresh issue will fuel PW’s offline expansion — ₹460.6 crore for new offline and hybrid center fit-outs, and ₹548.3 crore for lease payments of existing centers.

As of Q1 FY26, PW operated 303 centers across six business verticals — a 68% increase from 182 centers a year earlier.

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