General Atlantic infuses USD 600 million into PhonePe; doubles stake to 9%

New Delhi: General Atlantic (GA) has doubled its stake in fintech major PhonePe to 9 per cent with an infusion of USD 600 million (about Rs 5,323 crore) through secondary transactions, 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 per cent, from 4.4 per cent 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.