Lightspeed sells PhysicsWallah stake for ₹549.7 Cr
Lightspeed Opportunity Fund II sold 4.67 Cr shares of PhysicsWallah for ₹549.7 Cr on June 30, 2026, ending its 1.61% stake. Shares were priced at ₹117.72 each, a 6.7% discount to the closing price.
Lightspeed Opportunity Fund II sold 4.67 Cr shares of PhysicsWallah for ₹549.7 Cr on June 30, 2026, ending its 1.61 % stake in the edtech firm.
The block and bulk sale valued each share at ₹117.72, a 6.7 % discount to the stock’s closing price that day.
Sale details
Lightspeed’s holding entity, Lightspeed Opportunity Fund II, offloaded 4.67 Cr shares, equal to the entire 1.61 % stake it held as of June 30, 2026. The transaction was executed through block and bulk deals, with a weighted-average trade price of ₹117.72 per share.
The sale generated ₹549.7 Cr for Lightspeed. After the transaction, the firm has completely exited its position in PhysicsWallah.
Buyers
The largest purchaser was ICICI Prudential Mutual Fund, which bought 2.2 Cr shares for ₹259 Cr, representing nearly half of the volume sold. Goldman Sachs acquired 89 Lakh shares across five entities. Other buyers mentioned include Ghisallo Master Fund, Societe Generale and Morgan Stanley Asia, though the number of shares they purchased was not disclosed.
| Buyer | Shares |
|---|---|
| ICICI Prudential Mutual Fund | 2.2 Cr |
| Goldman Sachs | 89 Lakh |
Lightspeed’s investment history
Lightspeed first invested in PhysicsWallah during its $210 Mn Series B round in September 2024. At the time of the company’s public listing in November, Lightspeed owned 1.79 % of the shares. The firm did not participate in the open-to-public sale (OFS) component of the IPO, which slightly reduced its stake.
Other institutional investors in PhysicsWallah include WestBridge Capital, Hornbill Capital and GSV Ventures. WestBridge Capital’s nominee director, Sandeep Singhal, resigned last week due to other professional and personal commitments.
Financial performance
PhysicsWallah raised up to ₹3,100 Cr in total, with promoters Alakh Pandey and Prateek Maheshwari selling shares worth ₹380 Cr through the IPO. Since its debut, the stock has traded below its opening price of ₹143.10, falling as low as ₹77.75.
The company has not yet turned profitable, though it has reduced its net loss significantly. For the full FY26, the net loss fell 90 % to ₹24.2 Cr from ₹243.3 Cr in FY25. Operating revenue rose 35 % year-on-year to ₹3,899.5 Cr.
In Q1 FY27, PhysicsWallah posted a net loss of ₹88.3 Cr, a 30 % year-on-year reduction. However, the firm achieved positive EBITDA of ₹52 Cr, with a margin of 4.9 %. Operating revenue for the quarter exceeded ₹1,000 Cr, growing 24.4 % year-on-year and 15 % quarter-on-quarter to ₹1,054 Cr.
The results were impacted by the postponement and subsequent re-examination of NEET UG, which caused a 28 % drop in online NEET collections.
Stock performance
Shares of PhysicsWallah closed the day 3.91 % higher at ₹126.10 apiece on the BSE, after the block sale was completed.
