PhonePe, an Indian payments startup owned by Walmart Inc, announced on Monday that it has raised an extra $100 million from private equity firm General Atlantic in the latest round of its ongoing $1 billion fundraising.

PhonePe has raised a total of $850 million, including the most recent round.

With an estimated worth of $12 billion, PhonePe is India's most valuable payments firm and one of the country's most valuable companies.

According to PhonePe, the company intends to use the capital to establish and scale additional businesses such as insurance, wealth management, and lending.

Walmart, which purchased a majority stake in PhonePe in 2018, will remain a major shareholder in the company.