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 ongoing transaction.
PhonePe IPO
PhonePe has already filed a confidential DRHP with SEBI.
As per available reports, PhonePe is aiming to raise approximately Rs 12,000 crore through an offer for sale in its upcoming IPO. Many existing investors of the company are expected to offload their stake in the public listing. These investors included parent company Walmart, tech giant Microsoft and major venture capital firm Tiger Global.