As PhonePe moves closer to its public listing, its updated draft red herring prospectus (DRHP) highlights how regulatory developments and shareholder liquidity events have reshaped the company’s revenue mix over the past year.
The filing shows that PhonePe has witnessed secondary share transactions worth Rs 5,771 crore since 2023. A significant portion of this came in September 2025, when co-founders Sameer Nigam and Rahul Chari undertook a secondary sale worth Rs 3,937 crore, with shares bought by General Atlantic.
As per the UDRHP, the founders’…

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