BENGALURU: Sameer Nigam and Rahul Chari, founders of Bengaluru-based digital payments firm PhonePe, sold a portion of their shareholding to General Atlantic Singapore PPIL in September 2025, according to the company’s updated draft red herring prospectus (UDRHP) filed with the Securities and Exchange Board of India.
The transaction was carried out through two share purchase agreements dated September 5, 2025. Under these agreements, General Atlantic agreed to acquire an aggregate 23.74 million equity shares from Nigam and Chari, representing about 4.31% of PhonePe’s fully diluted share capital, for a total consideration of Rs 5,548.7 crore. The shares were acquired in cash, the filing showed.
Following the transaction, General Atlantic emerged as the second-largest shareholder in PhonePe. As of the date of the UDRHP, the private equity investor holds 46.49 million equity shares, translating into an 8.98% stake on a fully diluted basis. Promoter WM Digital Commerce Holdings, an indirect Walmart entity, continues to be the largest shareholder with a 71.77% holding.
Nigam and Chari currently hold 2.55% stake each in the company after the share sale, as per the pre-offer shareholding details disclosed in the filing.
PhonePe has filed for an initial public offering that will consist entirely of an offer for sale of up to 50.66 million equity shares. There is no fresh issue component, and the company will not receive any proceeds from the offer. The entire proceeds will go to the selling shareholders, after deducting offer-related expenses and applicable taxes.
Under the proposed offer for sale, WM Digital Commerce Holdings plans to sell up to 45.94 million shares, representing around 9.06% of the company’s paid-up equity. Tiger Global PIP 9-1 Ltd. and Microsoft Global Finance Unlimited Company are also selling shareholders and will exit the company through the IPO. General Atlantic is not participating in the offer for sale.
On the financial front, PhonePe reported a consolidated loss of Rs 1,444.4 crore for the six months that ended on September 30, 2025, compared with a loss of Rs 1,203.2 crore in the same period a year earlier. Revenue from operations during the period rose to Rs 3,918.5 crore from Rs 3,207.5 crore.
For the financial year that ended on March 31, 2025, the company posted a loss of Rs 1,727.4 crore, while revenue increased to Rs 7,114.8 crore.