Indian digital payments firm PhonePe is in talks to raise funds at a valuation of $12 billion led by General Atlantic, financial news website Moneycontrol said on Friday, citing people familiar with the matter.
US private equity group General Atlantic is likely to lead the round with an investment of $450 million to $500 million, the report said.
The round will make Walmart Inc-backed PhonePe the most valuable Indian financial tech firm, surpassing RazorPay and Paytm, a unit of One97 Communications, the report said.
PhonePe, which said earlier this month that it had moved its domicile from India to Singapore, did not immediately respond to an email from Reuters seeking comment. General Atlantic also did not immediately respond to an email outside office hours.
The report comes at a time when startups seeking late-stage funding are failing to attract investors as a sense of gloom in the public markets and sluggish exit conditions make it difficult to justify higher valuations.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)