PhonePe, one of India’s largest fintech platforms, has on Friday announced it has raised additional $200 million in primary capital from Walmart, at a pre-money valuation of $12 billion.

This new funding comes as a part of PhonePe’s ongoing fundraise of up to $1 billion in capital, following its domicile shift to India last year, PhonePe said in a statement.

With this tranche, the company has raised $650 million from several global investors.

The company expects further investments, which will be announced in due course.

PhonePe plans also to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.

The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and credit on UPI.

“We would like to thank Walmart, our majority investor, for their continued support of our long-term aspirations,

“We are excited about the next phase of our growth as we build new offerings for Indian consumers and merchants, along with enabling financial inclusion across the nation,” said Sameer Nigam, Chief Executive Officer and Founder of PhonePe.

President and CEO for Walmart International Judith McKenna said: “We are excited about PhonePe’s future and have confidence in how it continues to expand its offerings and provide access to financial services for Indians at scale.”

“India is one of the world’s most digital, dynamic and fastest growing economies, and we are pleased to have the opportunity to continue to support PhonePe,” she added.

PhonePe was founded in December 2015 and has emerged as one of India’s largest fintech platform, enabling digital inclusion for consumers and merchants alike.

With about 450 million registered users, more than one in three adult Indians are now on PhonePe.

The company has also successfully digitized 35+ million offline merchants spread across Tier 2,3,4 and beyond, covering 99 percent pin codes in the country.

PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45 percent of the transactions on the BBPS platform.

The firm forayed into financial services in 2017, providing users with safe and convenient investing options on its platform.

Since then, the company has introduced several mutual funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services.

India’s PhonePe raises $100M additional funding at $12 billion valuation