Indian financial technology firm PhonePe has on Monday announced that it has secured an additional $100 million investment from General Atlantic, a global growth equity firm, as part of its ongoing fundraise.

This latest tranche brings the total investment from General Atlantic and its co-investors to $550 million, PhonePe said in a statement.

The investment reaffirms General Atlantic’s conviction in PhonePe’s business and growth potential.

With this latest primary infusion from General Atlantic, PhonePe has now raised a total of $850 million of primary capital in the current round.

PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike.

With 460+ million registered users, one in four 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.

PhonePe 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