PhysicsWallah Increases Holding in Utkarsh Classes to 75.50%

Edtech unicorn PhysicsWallah has increased its stake in its subsidiary Utkarsh Classes & Edutech Private Limited to 75.50 percent after approving the third tranche of its investment.

The company said in a regulatory filing on Monday that its audit committee cleared the acquisition of 25,599 equity shares from existing shareholders. This transaction raises PhysicsWallah's holding from 63.25 percent to 75.50 percent.

The two companies have been working together under a long-term strategic joint venture since early 2023.

The acquisition is part of a multi-tranche Share Acquisition Terms Agreement signed in February 2023, under which PhysicsWallah aims to acquire full ownership of Utkarsh Classes. The third tranche is being completed through a cash payment of INR 26.50 crore. The purchase includes shares with a face value of INR 10 each, acquired at a premium of INR 10,342 per share.

Utkarsh Classes, founded in November 2018, operates coaching centres and provides educational content and course materials. The company reported a turnover of INR 168.96 crore in the financial year 2025, compared with INR 146.97 crore in 2024 and INR 158.92 crore in 2023.

PhysicsWallah expects to complete the acquisition of the remaining stake by March 2028.

The announcement comes shortly after PhysicsWallah's public listing. The company's shares debuted at INR 145 on stock exchanges, representing a roughly 33 percent premium over the initial public offering price. Through the listing, the company raised around INR 3,480 crore, which included both a fresh issue and an offer for sale.