United States-based private equity major General Atlantic has invested $600 million in the IPO -bound PhonePe , as per the latest report on Moneycontrol. The PE firm already holds a 4.4 per cent stake in the Walmart -owned company.

With the latest investment by General Atlantic in PhonePe, its net investment in the fintech major will stand at $1.15 billion, and its stake will increase to 9% as per the report on Moneycontrol.

The Moneycontrol report added that the latest funding by General Atlantic is largely secondary in nature. PhonePe is raising a large amount before its IPO to help its employees fulfil tax obligations arising from exercising their Employee Stock Options (ESOPs).

The report says that the company’s existing investors have not sold any stake as part of the ong

See Full Page