India’s fintech unicorn Razorpay is reportedly pursuing talks with prominent global funds for a financing round that could range between $200m to $250m.

The firm is looking to increase its valuation to $4bn, Mint reported citing two people familiar with the move.

According to the sources, the payment platform is carrying out discussions with hedge funds including Tiger Global Management, D1 Capital Partners and Coatue Management for the financing round.

It is also seeking backing from technology-focused funds such as DST Global, Dragoneer Investment Group and Falcon Edge Capital.

Razorpay’s current investors include Sequoia Capital, Matrix Partners and Rabbit Capital.

It is not certain if any of the current investors would give up their stake in the firm as part of the upcoming financing round.

In April this year, the firm raked in $160m in a funding round at valuation of $3bn to scale up its business banking offering and fund new acquisitions.

Razorpay and investors did not comment on the anticipated financing round.

Latest moves in India’s fintech space

Earlier this week, PayU, the payments and fintech business of consumer internet group Prosus, agreed to acquire Indian digital payments provider BillDesk for $4.7bn.

The deal said to have accelerated the fundraising activity amongst the Indian fintech that are looking to ‘at acquisitions on the talent pooling side’.

In July, Paytm filed a draft prospectus for its stock market debut with the Securities and Exchange Board of India.

The firm is planning to raise $2.2bn through its initial public offering.

In June this year, BharatPe acquired multi-brand loyalty programme provider Payback India from American Express and ICICI Investments Strategic Fund.