In India, the emergence of fintech companies has completely changed the way people do transactions. One of the leading companies in the digital financial platform market is PhonePe.
In India, the emergence of fintech companies has completely changed the way people do transactions. One of the leading companies in the digital financial platform market is PhonePe. Co-founded in 2015 by Sameer Nigam with Rahul Chari, and Burjin Engineer, PhonePe has become a reliable and popular financial solution provider for millions of people. All three had previously worked at Flipkart before he got the idea of starting PhonePe, with Sameer Nigam serving as the CEO of the fintech company. Sameer Nigam holds a master's degree in computer science from the University of Arizona and an MBA from the esteemed Wharton Business School.
PhonePe's partnership with Flipkart began with the later acquiring the former for less than $20 million, marking a significant milestone in PhonePe's journey. In 2018, Walmart acquired a majority stake in Flipkart, giving the retail giant indirect control over PhonePe. However, in 2022, Flipkart and PhonePe decided to part ways, allowing PhonePe to operate independently.
PhonePe offers a wide range of financial services for individuals and businesses, including a digital wallet and UPI payment services. The platform also allows users to send and receive money, pay bills, and purchase goods and services with ease. Additionally, PhonePe provides cross-border UPI payment services and launched Pincode in 2023, a hyperlocal commerce and shopping app that gives users direct access to products and services in different areas.
PhonePe provides offline payment products, PhonePe Switch, advertising solutions, merchant loan services, and payment gateway services for businesses. With over 500 million users and 37 million merchants in India as of November 2023, PhonePe commanded over 40% of the UPI market and over 45% of the Bharat Bill Pay System (BBPS). The company’s valuation is speculated to be about $12 billion or over Rs 99,400 crore.
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