The new funds from returning backer General Ataltantic bring the total raised by the company over the past few months to $750 million. PhonePe picked up a $450 million investment in February (including $350 million from Genral Atlantic), followed in March by a $200 million injection from majority backer Walmart.

Founded in December 2015, PhonePe today has over 400 million registered users, representing one in four Indians and covering 99% of pin codes in the country.. The fundraise follows PhonePe’s recently announced change of domicile to India and full separation from e-commerce giant Flipkart.

The investments value the company at $12 billion, making it India’s most valuable fintech startup The new funds will be used to develop and scale new financial services businesses including insurance, wealth management, stock trading, lending and account aggregation.

Earlier this month, PhonePe ditched a planned acquisition of BNPL player ZestMoney over due diligence concerns.

To learn more about payments innovation, register for NextGen Nordics to take place on 25 April 2023.