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flag General Atlantic invests $600M in PhonePe, valuing it $14.5B, to support employee options and taxes amid IPO plans.

flag General Atlantic has invested $600 million in PhonePe, valuing the Walmart-owned Indian fintech at $14.5 billion, marking its largest single investment in India. flag The funding, at a 16% premium to its last round, supports employee stock option exercises and tax payments, not direct liquidity for founders or the company. flag The move coincides with PhonePe’s confidential IPO filing and its dominant position in India’s UPI market, processing 8.9 billion transactions in September 2025 and holding over 45% market share.

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