Key Quantitative Figures

  • Purchase consideration for Tranche II: INR 71,81,47,100 (₹71.81 crore)
  • Number of shares acquired: 1,100 equity shares
  • Percentage stake acquired: 11% of fully diluted equity share capital
  • Current holding: 40% (pre-Tranche II)
  • Post-acquisition holding: 51%
  • Sarrthi IAS paid-up share capital: INR 1,00,000
  • Sarrthi IAS turnover: INR 76,51,61,325 (₹76.52 crore)
  • Sarrthi IAS net worth: INR 33,96,10,548 (₹33.96 crore)

Historical Financial Performance of Sarrthi IAS

  • F.Y. 2023-24: Turnover of ₹1.04 crore
  • F.Y. 2024-25: Turnover of ₹28.46 crore
  • F.Y. 2025-26: Turnover of ₹76.52 crore

Dates and Timeline

  • Board meeting date: July 16, 2026
  • Meeting timing: 04:15 P.M. to 05:10 P.M. (IST)
  • Original Transaction Documents signed: September 2, 2025
  • Sarrthi IAS incorporation date: June 20, 2023
  • Completion timeline: Six tranches planned through FY2031

Parties Involved

  • Acquirer: Physicswallah Limited
  • Target: Guiding Light Education Technologies Private Limited (Sarrthi IAS)
  • Counterparties: Sarrthi IAS promoters
  • Regulatory reference: SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026

Transaction Structure

  • Form of consideration: Cash
  • Transaction type: Additional acquisition under existing Share Purchase Agreement
  • Legal documentation: Addendum to SPA executed to revise valuation methodology for Tranche II
  • Overall plan: Acquisition of up to 85% of fully diluted equity in six tranches during FY2026 to FY2031

Business Description

Sarrthi IAS is principally engaged in providing online and offline coaching and test preparation services for civil services and other competitive examinations under the "Sarrthi IAS" brand.

Strategic Rationale

The acquisition is expected to strengthen Physicswallah's presence in the UPSC and civil services examination preparation segment and is aligned with its long-term strategic growth objectives.

Capital Structure Impact

Upon completion of Tranche II, Physicswallah's shareholding will increase from 40% to 51%, resulting in Sarrthi IAS becoming a subsidiary of Physicswallah Limited.

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