$12 billion is reached for PhonePe tag.

 The company intends to invest in new businesses such as insurance, wealth management, and lending. PhonePe joined the decacorn club on Thursday, with a valuation of more than $10 billion, thanks to a fund infusion from General Atlantic, which valued the Walmart-owned fintech platform at $12 billion.

The startup said it will raise up to $1 billion in its next round, which is expected to close next month. The funding has attracted new global and Indian investors.

PhonePe recently announced its relocation to India and complete separation from Flipkart.

The decacorn club also includes Byju's, Flipkart, and Swiggy.

PhonePe is now the most valuable fintech firm in India, at a time when startups are finding it difficult to raise funds because investors have become extremely cautious. PhonePe was valued at $5.5 billion in its most recent funding round in December 2020.

PhonePe plans to use the funds to make significant investments in infrastructure, including the development of data centres, and to assist in the development of large-scale financial services offerings in the country.

In addition, the company intends to invest in new businesses such as insurance, wealth management, and lending. To enable greater financial inclusion, the company aims to lead the next wave of growth for UPI payments, including UPI lite (the on-device wallet) and Credit on UPI.

"I'd like to thank General Atlantic and all of our existing and new investors for their faith in us. PhonePe is proud to support India's digitisation efforts," said Sameer Nigam, PhonePe's founder and CEO.