PhysicsWallah lifts Utkarsh Classes stake to 87.75% for $2,710
What's the deal? PhysicsWallah has approved acquiring an additional 12.25% stake in subsidiary Utkarsh ClassesDealroom has a profile for this one. Try Dealroom → & Edutech for US$3.48K. The purchase of 25,599 equity shares lifts the edtech group's holding from 75.50% to 87.75%.
Why now? The deal, announced November 4, 2026, follows three completed tranches of a phased buyout. Its board also signed off on a third amendment to the Share Acquisition Terms Agreement, replacing the profit-linked valuation for Tranche IV with a fixed price and scrapping Tranche V altogether.
What's the endgame? PhysicsWallah aims to acquire up to 100% of Utkarsh Classes in tranches, a process it expects to finish by FY 2027-28. The target runs schools, colleges, and coaching centres across science and non-science streams, and sells educational content online.
By the numbers: Utkarsh Classes posted turnover of US$20M in FY 2023-24, projected to reach US$23M by FY 2025-26. The company was incorporated on November 16, 2018.
The signal: The step-up tightens PhysicsWallah's grip on a subsidiary as India's edtech sector consolidates around a few well-capitalised players. Swapping a performance-linked earnout for a fixed price simplifies the path to full ownership.
Read more: investywise.com
Image credit: USEmbassyPhnomPenh
