General Atlantic Invests $600M in PhonePe
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General Atlantic doubles its stake in PhonePe to 9% with a $600M investment via secondary transactions. Funding helps employees.
New Delhi, Oct 30 (PTI) 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.
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.
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