India, Oct. 30 -- IPO-bound fintech major PhonePe has raised $600 Mn (INR 5,304 Cr) from its existing investor General Atlantic via a secondary transaction, sources told Inc42.

With the investment, General Atlantic's stake in PhonePe has increased to about 9% from 4.4% earlier. The investment is aimed at helping employees exercise their stock options and meet tax obligations ahead of the fintech unicorn's public listing, the sources added.

No founders or existing investors sold their shares under the transaction, they said.

Notably, US-based General Atlantic had earlier invested $550 Mn in the Walmart-owned company in 2023.

This comes over a month after PhonePe pre-filed its DRHP with the Securities and Exchange Board of India (SEBI)....