Walmart-owned fintech PhonePe raised $350 million in funding from General Atlantic at a pre-money valuation of $12 billion. The investment marks the first of a total fundraising drive of up to $1 billion that began this month.

With this funding round, PhonePe more than doubled its valuation from $5.5 billion in 2020. PhonePe joins the ranks of the decacorns with a $12 billion valuation.

General Atlantic will raise additional capital, along with Walmart and other new investors, to raise $1 billion. With further investments maturing within weeks, it’s still being determined what the company’s balance sheet will look like. As part of a clean separation from Flipkart, the Qatar Investment Authority and Microsoft injected capital directly into the company.

The round also has other global and domestic investors after PhonePe recently moved its domicile to India and wholly separated from e-commerce giant Flipkart. PhonePe plans to use the funds to invest in infrastructure, including developing data centres and building out financial services products at scale. The company also plans to invest in new businesses, including wealth management, insurance, and lending.

PhonePe, founded in December 2015, said the funding would help accelerate digital payments in India and enable greater financial inclusion. The company has over 400 million registered users, which means more than a quarter of Indians use its services.

PhonePe recently announced its complete separation from the Flipkart group. After a partial separation from Flipkart in December 2020, some Flipkart shareholders, led by Walmart, got a stake in the latest separation. The move will allow both companies to chart their growth paths and independently build their businesses.