PhonePe’s cofounders, Sameer Nigam and Rahul Chari, sold shares worth approximately ₹3,937.3 crore (around $430 million) to US private equity firm General Atlantic, according to regulatory filings as the digital payments company prepares for its IPO.
Key Highlights
- PhonePe cofounders sold $430 million stake to General Atlantic ahead of the fintech’s IPO plans.
- Transaction signals strong global investor confidence in PhonePe’s growth and listing prospects.
The transaction was reported as part of PhonePe’s updated draft red herring prospectus filed with the Securities and Exchange Board of India, ahead of the fintech firm’s anticipated public listing in April 2026.
The substantial secondary sale enabled General Atlantic to increase its stake in the Walmart-owned company, reflecting confidence in PhonePe’s long-term growth prospects and strategic positioning in India’s digital payments ecosystem. While the cofounders reduced a portion of their holdings through this sale, the IPO is expected to be structured predominantly as an offer-for-sale, allowing early investors to unlock value.
Also Read: PhonePe Refiles IPO Papers; Walmart to Cut 9% Stake
PhonePe’s public issue comes amid heightened expectations for one of India’s largest fintech listings, with the company valued at an estimated $15 billion. Alongside the cofounders’ stake sale, major existing investors such as Walmart, Microsoft, and Tiger Global are also planning to divest portions of their holdings as part of the listing strategy.
