US-based funding agency Assume Investments has acquired a stake in edtech unicorn PhysicsWallah (PW) by way of a secondary transaction, simply days earlier than the corporate’s preliminary public providing. The deal marks Assume’s newest India guess, underscoring its continued confidence within the nation’s expertise ecosystem.

Based on the corporate’s submitting, Assume Investments bought 1.07 crore fairness shares (10,722,708 shares) from 14 staff at Rs 127 per share, amounting to a complete consideration of Rs 136.17 crore. This represents roughly 0.41% of PhysicsWallah’s pre-offer fairness and 0.37% of its post-offer shareholding. The transaction was executed on November 4, 2025, at a 17% premium to the higher finish of PhysicsWallah’s IPO value band of Rs 109 per share.

“Pursuant to the share buy settlement dated November 3, 2025, and the modification letter of the identical date, 14 staff of the corporate have transferred an mixture of 10,722,708 fairness shares to Assume India Alternatives Grasp Fund LP on November 4 for an mixture consideration of Rs 136.17 crore,” the submitting acknowledged.

Based in 2013 by Shashin Shah, a former accomplice at Valiant Capital and ex–Blue Ridge Capital government, Assume Investments is a $3 billion world funding agency with workplaces in San Francisco and Mumbai. The agency has backed a number of high-profile Indian startups together with Swiggy, FirstCry, City Firm, PharmEasy, Spinny, Meesho, Rapido, Chaayos, NSE, and Dream11.

The transaction comes as PhysicsWallah prepares for its Rs 3,480 crore IPO, opening on November 11 and shutting on November 13. The providing contains a contemporary concern of Rs 3,100 crore and a proposal on the market of Rs 380 crore by co-founders Alakh Pandey and Prateek Maheshwari. Submit-IPO, the founders’ mixed holding will cut back from 80.62% to round 72%, whereas not one of the early institutional traders will offload shares.

On the higher finish of its value band (Rs 103–109), PhysicsWallah shall be valued at about Rs 31,500 crore, up from its final personal valuation of $2.8 billion in September 2024.

The corporate plans to deploy a big portion of the IPO proceeds to scale its offline and hybrid studying community. About Rs 460.6 crore has been earmarked for the fit-outs of latest centres, whereas Rs 548.3 crore will go towards lease funds for present amenities.

As of Q1 FY26, PhysicsWallah operated 303 centres throughout six enterprise verticals, a 68% enhance from the 182 centres a yr earlier.

On the monetary entrance, the agency reported a web lack of Rs 125.5 crore in Q1 FY26, in contrast with Rs 70.6 crore a yr in the past, at the same time as working income grew 33% year-on-year to Rs 847 crore.