Indian digital funds agency PhonePe is in talks to lift funds in a spherical led by General Atlantic at a valuation of $12 billion (roughly Rs. 99,300 crore), monetary information web site Moneycontrol reported on Friday, citing folks conscious of the matter.

US non-public fairness group General Atlantic is more likely to lead the spherical with an funding of $450 million (roughly Rs. 3,720 crore) to $500 million (roughly Rs. 4140 crore), the report stated.

The spherical would make Walmart-backed PhonePe probably the most precious Indian monetary tech agency, surpassing Razorpay and Paytm, a unit of One 97 Communications, the report added.

PhonePe, which earlier this month stated it had moved its domicile to Singapore from India, didn’t instantly reply to an electronic mail from Reuters searching for remark. General Atlantic additionally didn’t instantly reply to an electronic mail exterior workplace hours.

The report comes at a time when startups searching for late-stage funding are failing to draw buyers as dour sentiment within the public markets and uninteresting exit situations make it more durable to justify larger valuations.

PhonePe, part of the Walmart-controlled Flipkart group, just lately stated that it has accomplished the method of shifting its domicile from Singapore to India. The improvement comes forward of its plans to launch an preliminary public providing (IPO) for increasing its monetary companies portfolio and deepening its core United Payments Interface (UPI)-based funds operations and funding banking.

In the previous 12 months, PhonePe has moved all companies and subsidiaries together with Insurance Broking Services and Wealth Broking companies of PhonePe Singapore to PhonePe India instantly, the corporate had stated in an announcement.