Walmart-owned Indian digital payments app PhonePe said on Thursday it has raised $350 million at a valuation of $12 billion in a funding round led by private-equity firm General Atlantic.

Funding rounds backed by venture capital firms have slowed down, with Indian startups having raised a third lesser last year than in 2021, according to Venture Intelligence.

Under pressure to cut costs and turn profitable, startups have removed thousands of employees in the recent months.

PhonePe, in which U.S. retailer Walmart Inc took ownership in 2018, plans to use the proceeds in infrastructure and new businesses, including insurance, wealth management and lending, Chief Executive Officer and founder Sameer Nigam said on Thursday.

Last year, the Bengaluru-based payments company had shifted its home base from Singapore to India and also completed its separation from ecommerce giant Flipkart.