Payment and financial services unicorn PhonePe has raised an additional $200 million in primary funding from Walmart at a pre-money valuation of $12 billion.

With this, the company has raised $650 million from several global investors. The company expects further investments will be announced in due course.

The fresh funding is part of PhonePe’s ongoing fundraise of up to $1 billion in capital following its domicile shift to India last year.

Earlier in January, the fintech company said it raised $350 million in funding at a pre-money valuation of $12 billion from private equity firm General Atlantic. Other Indian and global investors also participated in the round.  

“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,” Sameer Nigam, CEO and Founder of PhonePe, said.

The company plans to deploy the funding to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping, and account aggregators. It will also help PhonePe fuel the next wave of growth for UPI payments in India, including UPI Lite, and Credit on UPI.

“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,” said Judith McKenna, President and CEO of Walmart International.