Indian payment giant PhonePe talks with Tencent and other institutions to negotiate 1 billion of dollars in financingv

According to Inc42, PhonePe is planning to seek a new round of financing at a valuation of $7 billion to $8 billion, with investors including Tencent and Tiger Global in talks.

It is reported that PhonePe this financing amount of 1 billion U.S. dollars, and do not accept any less than 70-80 billion U.S. dollar valuation base of financing.

If successfully completed in the end, this will be the largest round of financing for PhonePe and the largest amount of financing in the Indian market so far since 2019.

PhonePe is a mobile payment App founded by three founders in 2015. It was acquired by Flipkart, the largest e-commerce platform in India in 2016. After the news broke, PhonePe want to enter the food, distribution, finance and other fields. And the big expansion of business coupled with the digital payment sector is highly competitive, PhonePe has previously sought financing.

PhonePe has been making a number of moves to maintain its competitive edge in payments, recently forming a partnership with Payswiff, a cash register solution provider, to expand its offline merchant base.

PhonePe, as a payment scheme, supports POS/mPOS terminals for all merchants. PhonePe is now connected to 3 million offline retail stores and private small shops in India, as well as more than 100 Indian Head online merchants.

The digital payment industry in India is expected to grow to $1 trillion by 2023, with PhonePe, Google Pay, PayTm and WhatsApp among the major players, according to digital payments 2018 report by the national research institute of India.