Infused by Flipkart in Phonepe after it acquired the mobile payments business in April 2016
Phonepe has been trying to raise funds independently as it looks to compete with arch rival Paytm which is backed by Softbank
payments business and a funding boom in the start-up ecosystem could be key factors driving the high valuations, but it is unclear whether Phonepe would be able to attract investors at such lofty levels.
Phonepe is looking to raise fresh funds independently to cash in on the growth in digital payments by extracting a high valuation and form a consortium of investors who can offer big doses of fresh funds it needs to win the payments war over the next few years.
Even if Phonepe achieves the $10 billion valuation mark,