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IPO-bound PhonePe cofounders sold stake worth $430 million to General Atlantic in 2025
Sameer Nigam and Rahul Chari, cofounders of digital payments firm PhonePe, sold shares worth Rs 3,937.3 crore (around $430 million) to US-based private equity firm General Atlantic in September 2025, as per IPO filings.
As reported by ET, General Atlantic had done a secondary transaction worth $600 million in PhonePe ahead of its public listing, marking the firm's largest single investment in an Indian company.
Employees also sold their vested Esops to General Atlantic in this round.
The proceeds from these share sales were used by the founders and employees to exercise stock options and pay related tax liabilities, without any cash liquidity being retained.
Including this, General Atlantic has deployed about $1.15 billion in PhonePe across multiple rounds, taking its stake to 8.9%
The Walmart-owned digital payments firm PhonePe has filed an updated draft red herring prospectus (UDRHP) for its initial public offering (IPO) on Thursday, targeting a stock market debut in April this year.
The IPO will be entirely an offer for sale of 5 crore shares by existing shareholders, leading to partial exits by Walmart and full exits by early investors Microsoft and Tiger Global. Walmart, through its unit WM Digital Commerce Holdings, plans to sell up to 4.59 crore shares, while Microsoft and Tiger Global will divest 36.7 lakh and 10.3 lakh shares respectively. General Atlantic will not participate in the OFS.
The company reported a 22% year-on-year increase in revenue to Rs 3,918 crore for the six months ended September 2025. Its net loss widened to Rs 1,444 crore from Rs 1,203 crore a year earlier, driven by a sharp rise in expenses.
Revenue from the payments business, including consumer and merchant payments, grew 15% to Rs 3,405 crore during the period, compared with Rs 2,961 crore in the corresponding period last year.
The contribution of payments to overall operating revenue, however, declined to 86.92% from 92.32%, as other verticals scaled up.
The UDRHP showed that revenue contribution from lending and insurance distribution rose to 11.55% from 6.76% a year ago, with revenue more than doubling to Rs 452 crore.
Total expenses during the April-September period climbed to Rs 6,069.2 crore from Rs 4,680 crore a year earlier.
PhonePe was acquired by Walmart as part of its deal with ecommerce major Flipkart. In 2020, Flipkart hived off the payments firm into a separate entity at a valuation of $5.5 billion.
According to the company's updated red herring prospectus filed with the market regulator on Thursday, Walmart holds 71.7% stake in PhonePe, followed by General Atlantic. Cofounders Nigam and Chari currently hold 2.5% each.
PhonePe had filed its draft red herring prospectus through the confidential route in September 2024.
The company has appointed Kotak Mahindra Capital, JPMorgan India, Citigroup, and Morgan Stanley as book-running lead managers for the issue.
In 2022, PhonePe, which was earlier domiciled in Singapore, redomiciled to India, a key legal step for companies to list on Indian stock exchanges. It was among the earliest startups to return to India, driven by improved listing prospects and regulatory ease in the country.
Source: EconomicTimes
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