General Atlantic doubles its PhonePe holding to 9% via $600 million secondary deal
30 Oct 2025, 12:28 PMThe latest transaction has taken the private equity major's stake in PhonePe from 4.4% to 9%.
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General Atlantic has invested around $600 million into PhonePe via a secondary share purchase, media reports said citing unidentified people, as the Walmart-owned fintech major inches closer to an initial public offering (IPO).
The transaction was designed to help PhonePe employees cash out their stock options and cover associated tax liabilities.
The latest transaction has taken the private equity major's stake in PhonePe from 4.4% to 9%.
General Atlantic started making investment in PhonePe since early January 2023 when it first invested $350 million in the fintech company. The private equity major and its co-investors pumped in another $100 million in PhonePe later in April that year which was followed by another $100 million in May 2023.
The payments platform has been laying groundwork for going public. The company last month submitted confidential paperwork to India's markets regulator Securities and Exchange Board of India (SEBI) for an IPO.
The Bengaluru-based company is targeting to raise about Rs 12,000 crore via the IPO, which is expected to be a complete offer for sale (OFS) where investors Walmart, Microsoft and Tiger Global will divest their holdings.
The IPO is expected at a valuation of $15 billion.
The fintech company's operating revenue jumped 40% to Rs 7,115 crore in FY25 from Rs 5,064 crore in the previous fiscal.
In fiscal ended March 31, 2025, PhonePe's net loss narrowed to Rs 1,727 crore from Rs 1,996 crore in the last financial year.
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