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General Atlantic has invested about $600 million in PhonePe through a secondary transaction, according to two people aware of the matter. The deal appears to be one of the largest secondary transactions in India’s startup ecosystem this year.
“The transaction was executed to help employees exercise their ESOPs and meet tax obligations related to the same,” said one of the sources, requesting anonymity. “No liquidity was provided to any employees or founders as part of this deal.”
PhonePe’s last equity round concluded in May 2023, when…
