BENGALURU: Indian digital payments company PhonePe is in talks to raise funds in a fundraising round led by General Atlantic at a valuation of $12 billion, financial news site Moneycontrol reported on Friday, citing people familiar with the matter.
US private equity group General Atlantic is expected to lead the round with an investment of $450-500 million, according to the report.
The round would make Walmart Inc-backed PhonePe India’s most valuable fintech company, overtaking Razorpay and Paytm, a unit of One 97 Communications, the report added.
PhonePe, who earlier this month said he moved his home to Singapore from India, did not immediately respond to an email from Reuters seeking comment. General Atlantic also did not immediately respond to an out-of-hours email.
The report comes at a time when startups seeking late-stage funding are failing to attract investors as gloomy public market sentiment and lackluster exit terms make it harder to justify higher valuations. high.