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Ahead of its planned public listing, PhonePe’s cofounders Sameer Nigam and Rahul Chari sold a portion of their shareholding to PE firm General Atlantic in September last year, the fintech giant’s updated DRHP showed.
The cofounders sold 84.2 Lakh shares each to the US-based firm at a price of INR 2,338.60 per share. The combined transaction size was INR 3,937.32 Cr, with the cofounders netting INR 1,968.66 Cr each.
General Atlantic, which is an existing investor of PhonePe, bought the shares via General Atlantic Singapore PPIL Pte Ltd.
Notably, the sale came just five days after both founders were allotted fresh shares. On September 12, 2025, Nigam and Chari were allotted 2.16 Cr equity shares each following the exercise of stock options under the PhonePe Founder Award Schemes.
In September last year, Inc42 reported that PhonePe had launched an ESOP buyback programme worth INR 700 Cr to INR 800 Cr in September 2025, with at least 1,000 employees eligible under the scheme. The buyback was initiated as the company prepared to pre-file its IPO papers.
The OFS-only IPO will see the company’s investors offload up to 5.06 Cr equity. Promoter Walmart’s WM Digital Commerce Holdings plans to sell 4.59 Cr shares via OFS, while Tiger Global and Microsoft will sell 10.39 Lakh and 36.78 Lakh shares, respectively.
Walmart owns about 71.7% stake in the company, while General Atlantic holds 8.9% stake.
The fintech major pre-filed its DRHP in September last year. At the time, it was said to be looking to raise INR 12,000 Cr ($1.35 Bn) via the OFS at a valuation of about $15 Bn.
On the financial front, the company’s net loss widened 20% YoY to INR 1,444.4 Cr in the first half of FY26. Operating revenue rose 22% to INR 3,918.5 Cr in H1 FY26.
For the full year FY25, the IPO-bound company’s revenue increased 40.5% to INR 7,114.8 Cr, while net loss narrowed 13.5% to INR 1,727.4 Cr.
The post PhonePe Cofounders Sold Shares Worth INR 4,000 Cr To General Atlantic In September appeared first on Inc42 Media.
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