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 Indian digital payments firm PhonePe is in talks to raise funds in a round led by General Atlantic at a valuation of $12 billion, financial news website Moneycontrol reported on Friday, citing people aware of the matter.

U.S. private equity group General Atlantic is likely to lead the round with an investment of $450 million to $500 million, the report said.

The round would make Walmart Inc-backed PhonePe the most valuable Indian financial tech firm, surpassing Razorpay and Paytm, a unit of One 97 Communications, the report added.

PhonePe, which earlier this month said it had moved its domicile to Singapore from India, did not immediately respond to an email from Reuters seeking comment. General Atlantic also did not immediately respond to an email outside office hours.

The report comes at a time when startups seeking late-stage funding are failing to attract investors as dour sentiment in the public markets and dull exit conditions make it tougher to justify higher valuations.