PhonePe expands new funding to $850 million

General Atlantic has poured another $100 million into PhonePe, four months after leading a $350 million investment in the Indian fintech startup that has so far raised $850 million in an ongoing financing round at the height of the slowing global economy.

Walmart-backed PhonePe disclosed the investment in a statement on Monday. The ongoing round values the Bengaluru-headquartered startup at $12 billion. PhonePe is eyeing to raise as much as another $150 million in the ongoing round. General Atlantic invested another $100 million in PhonePe last month.

At a $12 billion valuation, PhonePe is India’s most valuable fintech startup. It competes with Google Pay and Paytm, the latter of which is currently valued at nearly $5 billion.