Walmart-backed PhonePe in talks to raise funds at $12 bn valuation: Report

Indian digital payments firm PhonePe is in talks to raise funds in a round led by General Atlantic at a valuation of $12 billion, financial news website Moneycontrol reported on Friday, citing people aware of the matter.

U.S. private equity group General Atlantic is likely to lead the round with an investment of $450 million to $500 million, the report said.

The round would make Walmart Inc-backed PhonePe the most valuable Indian financial tech firm, surpassing Razorpay and Paytm, a unit of One 97 Communications, the report added.

PhonePe, which earlier this month said it had moved its domicile to Singapore from India, did not immediately respond to an email from Reuters seeking comment.