Fin-tech company, PhonePe is looking to secure $1 Billion from China’s Tencent and Tiger Global. This decision comes soon after Flipkart allowed the subsidiary to operate as a separate entity. PhonePe has now been permitted to set up an independent board and raise fresh funding from external investors. Through this fundraising, the company is planning to boost its valuation to – ~$8 Billion. According to reports, ‘PhonePe is in discussions with Tencent as it could leverage a strategic investor willing to back it for a long-term, especially to fight well-capitalised Paytm.’ As per reports, it could take nearly 2-3 months for these investment talks to close. On successful closure, this would turn out to be the largest fundraise for PhonePe till date.
Source: Times Of India