Indian digital funds agency PhonePe is in talks to boost 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 individuals 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 mentioned.

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

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

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

PhonePe, part of the Walmart-controlled Flipkart group, not too long ago mentioned that it has accomplished the method of transferring its domicile from Singapore to India. The growth 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 yr, 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 mentioned in a press release.