Indian digital payment company PhonePe has raised $200m from Walmart at a pre-money valuation of $12bn, making it one of the most highly valued start-ups in India. The firm will use the proceeds to expand its product lines, enhance its technology and infrastructure, and hire more staff. Walmart purchased an initial 77% stake in PhonePe in 2018 and increased its stake to 82% last year. PhonePe has grown rapidly in recent years, reporting over 550 million monthly transactions in January. The firm competes with other popular payment apps in India, such as Google Pay and Paytm. In January, PhonePe launched a programme that allows small businesses to use QR codes to receive payments from customers, further increasing its appeal to merchants.