The India-based payments company is planning to boost its valuation to USD 7–8 billion. This development comes in after it was reported that Flipkart, which acquired PhonePe in 2016, had given in-principal approval to its online payment subsidiary to operate as a separate entity. It can now set up an independent board and raise funding from external investors.
PhonePe, founded in 2015, is a mobile payments app which allows users to transfer money instantly from their smartphones – using mobile phone number or a virtual payment address. With the company becoming a separate entity, the competition in the digital payment space in India has become more intense. Currently, the space is being dominated by Paytm, PhonePe, and Google Pay.
PhonePe is currently accepted at over 3 million offline retail outlets as well as at over 100 online merchants in India. In April 2019, it launched a mobile keyboard for Android that allows users to transact money no matter which mobile app they are using. Therefore, users are able to send and receive money while messaging on social media, ecommerce apps, surfing the internet, or composing an email.
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