PhonePe - India's Payments App

The emphasis is on comfort and ease in today's world. Carrying currency has become cumbersome with the advent of mobile wallets and other digital payment mechanisms. Mobile apps are the preferred method for the payment of groceries, utility bills, phone recharge, etc. Even large transactions are now done digitally rather than in cash.

PhonePe is one such payment app that has made the lives of millions of Indians simple. The Indian app allows users to link their credit cards and debit cards with a mobile wallet for making digital payments. Instant money transfers can also be done through PhonePe. And PhonePe offers a lot more.

Read on to know more about PhonePe's success story, founders, competitors, revenue model, business model, funding, and more.

PhonePe - Company Highlights

Company Name PhonePe
Headquarters Bengaluru (India)
Founders Sameer Nigam, Burzin Engineer, and Rahul Chari
Founded December 2015
Sector Fintech
Valuation $5.5 Billion (2020)
Parent Organization Flipkart
Website phonepe.com

Phonepe - Latest News
PhonePe - About
PhonePe - Founders And Team
PhonePe - Journey
PhonePe - Business Model
PhonePe - Revenue Model
PhonePe - Funding And Investors
PhonePe - Competitors
PhonePe - Growth
PhonePe - Future Plans

Phonepe - Latest News

Flipkart a partial spin-off of its digital payments company PhonePe, partially selling its stake in the company to Flipkart parent company Walmart.

PhonePe raised around $700 Mn in primary capital from this divestiture. This will give the company more autonomy over its operations. This leads Phonepe's valuation to $5.5 Billion.

“As Flipkart commerce continues to grow strongly serving the needs of Indian customers, we are excited at the future prospects of the group. This move will help PhonePe maximize its potential as it moves to the next phase of its development, and it will also maximize value creation for Flipkart and our shareholders,” said Kalyan Krishnamurthy, CEO of Flipkart Group.

PhonePe - About

PhonePe is a digital payments company. It supports over 11 languages. PhonePe is the first payment app to be built on the Unified Payments Interface (UPI). Users can both receive and send money through this app. PhonePe also allows users to book Ola rides and order food on Freshmenu.

PhonePe Logo

PhonePe - Founders And Team

Sameer Nigam, Burzin Engineer, and Rahul Chari are the founders of PhonePe.

  • Sameer Nigam is the CEO of PhonePe. He is an excellent manager.
  • Burzin Engineer is the CIO of PhonePe. He was the vice president at M-GO. He pursued his degree from the University of Mumbai. Burzin also has a master's degree from the University of Southern California. His Crunchbase rank is 4996 as an individual.
  • Rahul Chari is the CTO at PhonePe. He started his career as a software engineer on Andiamo Systems Inc. He was also a senior software engineer and manager at Cisco Systems.
Founders, PhonePe

PhonePe - Journey

PhonePe was founded in December 2015. In 2016, Flipkart acquired PhonePe. The app went live that year. In 2017, PhonePe became the 1st UPI-based app to cross 10 million downloads. It consistently ranks among the top finance apps on Apple's App Store and Google Play Store. PhonePe gradually became the biggest driver of UPI transactions in India. In the year 2017, it hit 1 million app transactions in a day. In 2018, PhonePe launched 'micro apps' on its platform.


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PhonePe - Business Model

PhonePe is a UPI-based payment platform. The app enables the transfer of money from one bank to another. It has various other features as well. Through its mobile app, PhonePe sells products and some services like groceries, insurance, food, etc. The company's job is to promote the products. PhonePe can be used for mobile recharge. Electricity bills and gas bills can also be paid via PhonePe. PhonePe launched a POS machine that is now seen in almost every shop and kirana store in India. Users can use the POS system to make payments.


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PhonePe - Revenue Model

PhonePe gets its commission from the promotion of various products on its app. It also collects revenue from a partner through the 'Switch' platform. Recharge points/centers usually earn a commission from the telecom companies when the customers recharge their phones. Likewise, PhonePe also receives commission when the users recharge their phones through the app. The company earns a commission from any online purchase users make via its app. PhonePe has a humongous user database. In today's date, data holds the key to profit. The database offers several valuable insights. The payment patterns of customers are determined by how much money they transfer and when. Moreover, one can deduce a customer's purchasing pattern along with the retailer's or store's details. PhonePe continues to grow its customer base through promotions and other offers on its app.


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PhonePe - Funding And Investors

PhonePe has collected $693.5 million in funding. Its recent funding was led by Flipkart for INR 150 crores (~ $21 Million)

Date Amount Raised Round
December 15, 2020 $21 Million
April 27, 2020 $28 million Corporate
February 26, 2020 $59.6 million Corporate
December 10, 2019 Rs 5.9 billion Corporate
October 22, 2019 Rs 4.1 billion Corporate
July 30, 2019 Rs 7 billion Corporate
March 22, 2019 Rs 7.6 billion Corporate
August 9, 2018 Rs 4.5 billion Corporate
April 1, 2018 Rs 3.2 billion Corporate
March 23, 2018 Rs 5.2 billion Corporate
October 4, 2017 Rs 2.5 billion Corporate

Flipkart is the lead investor in PhonePe.

PhonePe - Competitors

The top competitors of PhonePe are Juspay, PCKT, Paytm, MobiKwik, BharatPe, Roomeo, and mobilPay.

  • Juspay is an online platform used for mobile-based payments. Juspay was founded in 2012.
  • PCKT is a fintech company. It provides payment services to consumers. PCKT was founded in the year 2003.
  • Paytm is a pioneer of the Indian e-commerce payment system. It is a financial technology company. Paytm was founded in the year 2010.
  • MobiKwik is an Indian company. It has a mobile phone-based payment system. MobiKwik was founded in the year 2009.
  • BharatPe is a platform particularly for retailers and businesses. It is a QR-based payment app. The company was founded in the year 2016.
  • Roomeo is a popoular payments platform. It offers a fintech mobile app. Roomeo was founded in the year 2011.
  • MobilPay provides mobile marketing and payment services. MobilPay was founded in the year 2010.

PhonePe - Growth

In the year 2019, PhonePe was one of the winners when it came to growth. PhonePe dominated the year with a 857.22 % growth. All of the leading payment apps grew by 88 % from the year 2018.

PhonePe - Future Plans

The company has plans to become more profitable by 2022. PhonePe is also helping its users discover several new products online. It is also informing people when, where, and which shops are open and delivering products. This is a unique characteristic. PhonePe has launched a new chat service for its users and the merchants it deals with. The payments platform is on track to achieve something extraordinary in the next 2 years.

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About Purbalee Dutta

I am a content writer. Delivering information about various companies is my supreme goal. I write in a way which makes me as well as my audiences feel a unique connection.
  • Siliguri, West Bengal
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