Sameer nigam
PhonePe is a leading Indian digital payments and financial services platform headquartered in Bengaluru, Karnataka. Founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe has grown into one of India’s most trusted fintech brands, enabling over 530 million users to perform seamless UPI-based transactions, bill payments, and access a range of financial services.[1]
| PhonePe | |
|---|---|
| |
| Founded | December 2015 |
| Founders | Sameer Nigam, Rahul Chari, Burzin Engineer |
| Headquarters | Bengaluru, Karnataka, India |
| Industry | Fintech, Digital Payments, Financial Services |
| Revenue (2024) | ₹5,000 crore (US$570 million) |
| Users | 530 million+ |
| Parent | Walmart |
History and Growth
PhonePe was acquired by Flipkart in April 2016, giving it access to a vast user base and integration opportunities. That same year, PhonePe partnered with Yes Bank to launch India’s first UPI-based mobile app.
By 2017, PhonePe became one of the largest contributors to UPI transactions in India. In 2020, Walmart retained majority ownership in PhonePe after a partial spin-off from Flipkart, allowing the company to operate independently.[2]
Key Offerings
PhonePe offers a wide range of services through its app, available in 11 Indian languages:
- UPI-based money transfers and merchant payments
- Recharge and utility bill payments
- Credit, insurance, and mutual fund investments
- Digital gold and wallet services
- Metro card recharges and FASTag recharges[3]
Subsidiaries and New Ventures
PhonePe has expanded its product portfolio with several new platforms:
- PhonePe Payments Bank
- PhonePe Wealth Broking – including Share.Market for mutual funds and stock trading
- Pincode – hyperlocal commerce platform on ONDC
- Indus Appstore – India’s alternative app marketplace[4]
Funding and Valuation
As of 2023, PhonePe has raised over $850 million from investors including Walmart, General Atlantic, Tiger Global, Ribbit Capital, and TVS Capital. The company is valued at over $12 billion, making it one of India’s most valuable fintech unicorns.[5]
Challenges and Legal Hurdles
In January 2017, PhonePe faced regulatory issues with ICICI Bank and Airtel regarding UPI compliance. The National Payments Corporation of India (NPCI) temporarily restricted some transactions before the disputes were resolved.[6]
Recognition
- UPI Digital Innovation Award by NPCI (2018)
- Winner of multiple India Advertising Awards
- Consistently among the top UPI apps in India by transaction volume
Future Vision
PhonePe aims to deepen financial inclusion by launching innovative tools for stock investment, insurance, credit, and digital commerce. With a focus on expanding beyond payments, PhonePe is building a comprehensive financial services ecosystem for Bharat.[7]
Conclusion
PhonePe has redefined how India transacts, from urban consumers to rural merchants. With continuous innovation and deep user trust, it stands at the forefront of India’s digital payments revolution and is poised to lead the next wave of fintech transformation.
References
- ↑ https://www.ptinews.com/story/business/phonepe-crosses-60-cr-registered-users/2365884
- ↑ https://www.business-standard.com/companies/news/phonepe-clocks-600-mn-registered-users-adds-100-mn-in-past-16-months-125031100634_1.html
- ↑ https://www.thehindu.com/news/national/karnataka/phonepe-founder-and-ceo-apologises-for-comments-on-job-reservation-draft-bill/article68430173.ece
- ↑ https://www.cnbctv18.com/market/walmart-backed-phonepe-gears-up-for-potential-ipo-on-indian-exchanges-19562332.htm
- ↑ https://timesofindia.indiatimes.com/technology/tech-news/karnataka-reservation-bill-phonepe-ceo-and-founder-sameer-nigam-issues-this-personal-statement/articleshow/111908948.cms
- ↑ https://www.moneycontrol.com/news/business/startup/phonepe-has-long-aspired-to-go-public-excited-to-take-early-steps-towards-ipo-walmart-ceo-doug-mcmillon-12946695.html
- ↑ https://www.ndtv.com/india-news/sameer-nigam-phonepe-ceo-apologies-amid-boycott-campaign-over-remark-on-karnataka-job-quota-bill-6159710