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Growth equity firm General Atlantic (GA) has infused $600 million (about Rs 5,323 crore) in fintech major PhonePe through secondary transactions, more than doubling its stake to 9%, people aware of the matter said.

The secondary funding was done to help PhonePe employees exercise their stock options and meet their tax obligations. The infusion increases GA’s stake in the Walmart-owned firm to 9%, from 4.4% earlier.

No liquidity was given to any employees or the company founders, people cited above said.

E-mail queries sent to PhonePe elicited no response.

US-based General Atlantic has been a long-term investor in PhonePe, having first invested $350 million in January 2023 at a pre-money

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