Indian digital payments and financial services firm PhonePe has raised another $100 million from investors Ribbit Capital, Tiger Global and TVS Capital Funds, taking its valuation to $12 billion.

The investment follows a $350m fundraising drive that closed in January. PhonePe said it plans to use the funds to expand its payments and insurance businesses in India, as well as launch new ventures including lending and account aggregators.

Phone Pe reported revenue of $234.3 million in the first nine months of 2022, marking a significant jump from the $201.6 million revenue it generated in the 12-month fiscal year ending in March 2021.

This latest fundraising was started with a $1 billion target in capital post its shift to India, and so far, the company has raised $450 million in just six weeks. Further investments are expected from global and high-net-worth Indian investors at the right time.

PhonePe is backed by Walmart, and counts Qatar Investment Authority, Microsoft, and smaller hedge funds among its investors. The firm recently completed three steps to move its domicile to India, transferring all its businesses, including insurance and wealth broking, to PhonePe Pvt Ltd-India.