BENGALURU (Reuters) – Indian digital funds agency PhonePe mentioned on Friday it has raised $200 million from majority backer Walmart (NYSE:) Inc at a pre-money valuation of $12 billion.

PhonePe, already India’s most respected funds agency and among the many nation’s most highly-valued startups, mentioned the funding is a part of its ongoing fundraise of as much as $1 billion.

It has raised $350 million from personal fairness agency General Atlantic and $100 million from Ribbit Capital, Tiger Global and TVS Capital Funds previously two months, on the identical $12 billion valuation.

American retail behemoth Walmart, which acquired a majority share in PhonePe in 2018, will proceed as a majority investor, the Indian firm mentioned, with out disclosing its stake.

Despite a funding winter, the Indian digital funds area has been a vivid spot because of the reputation of on-line funds and startups’ ambitions to department into the profitable monetary companies area.

PhonePe mentioned it plans to deploy these funds to construct and scale new companies together with insurance coverage, wealth administration and lending.

PhonePe separated from Indian e-commerce big Flipkart late final yr, when it additionally shifted its registered headquarters from Singapore to India, with Walmart choosing up the practically $1 billion tax invoice for the transfer.

The relocation, in accordance with some studies, was to make sure a better entry into the nation’s highly-regulated monetary companies business, particularly lending.