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.
