General Atlantic has infused $600 million into PhonePe, doubling its stake in the Walmart-owned fintech major from 4.4 percent to 9 percent, according to people familiar with the matter.

The funding, largely secondary in nature, is intended to help PhonePe employees fulfil their tax obligations arising from exercising their Employee Stock Options (ESOPs) ahead of the company’s much-anticipated initial public offering (IPO).

None of the founders or existing investors have offloaded their shares as part of this transaction, sources said.

With this latest infusion, the US-based private equity firm has now invested a total of $1.15 billion in PhonePe since 2023, underscoring its confidence in the company’s growth trajectory.

PhonePe declined to comment on the development. Economic Times

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