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IPO-bound fintech major PhonePe has raised $600 Mn (INR 5,304 Cr) from its existing investor General Atlantic via a secondary transaction, sources told Inc42.
With the investment, General Atlantic’s stake in PhonePe has increased to about 9% from 4.4% earlier. The investment is aimed at helping employees exercise their stock options and meet tax obligations ahead of the fintech unicorn’s public listing, the sources added.
No founders or existing investors sold their shares under the transaction, they said.
Notably, US-based General Atlantic had earlier invested $550 Mn in the Walmart-owned company in 2023.
This comes over a month after PhonePe pre-filed its DRHP with the Securities and Exchange Board of India (SEBI). The company is said to be looking to raise about INR 12,000 Cr ($1.35 Bn) via a complete offer for sale.
Last month, Inc42 exclusively reported that PhonePe initiated ESOP buyback worth up to INR 700 Cr to INR 800 Cr which would benefit at least 1,000 employees.
(The story will be updated soon)
The post General Atlantic Doubles Down On IPO-Bound PhonePe, Invests $600 Mn appeared first on Inc42 Media.
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