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US based venture capital firm Lightspeed Venture Partners has exited edtech company PhysicsWallah by selling its entire 1.61 per cent stake for Rs 549.73 crore through a block deal on the NSE.
Lightspeed Opportunity Fund II LP, an affiliate of Lightspeed Venture Partners, offloaded 4,66,98,120 equity shares of the Noida based company at an average price of Rs 117.72 per share.
Following the transaction, shares of PhysicsWallah declined nearly 1 per cent to Rs 125.19 on the exchange.
The block deal saw participation from 16 institutional investors, with ICICI Prudential Mutual Fund emerging as the largest buyer. The fund acquired 2.20 crore shares, representing around 0.76 per cent stake, for Rs 258.98 crore.
Five entities associated with Goldman Sachs collectively purchased 89.67 lakh shares valued at approximately Rs 105.57 crore. Tata AIA Life Insurance Company also acquired 33.97 lakh shares for around Rs 40 crore.
Other institutional investors participating in the transaction included Morgan Stanley, Societe Generale, Citigroup Global Markets, Viridian Asset Management, Ghisallo Capital Management, Mediolanum International Funds and the New York State Teachers Retirement System. Finland based financial services company OP Pohjola and Swiss private bank J Safra Sarasin were also among the buyers.
The stake sale comes soon after PhysicsWallah reported an improvement in its financial performance for the June quarter. The company narrowed its consolidated net loss to Rs 77.57 crore, compared with Rs 120.45 crore in the corresponding quarter of the previous financial year.
At the same time, consolidated revenue from operations increased 24.4 per cent to Rs 1,053.95 crore in the first quarter of the current financial year, compared with Rs 847.09 crore a year earlier. The revenue growth was driven by the company's online and offline learning businesses.
