PhonePe, a leading Indian fintech company founded in 2015, has grown independently, offering innovative financial services to millions nationwide.
In recent years, fintech companies in India, like PhonePe, have completely transformed how people handle their money. Founded in 2015 by three former Flipkart employees—Sameer Nigam, Rahul Chari, and Burjin Engineer—PhonePe quickly became a major player in digital banking. Sameer Nigam, now CEO, has led the company to great success.
Initially bought by Flipkart for less than $20 million, PhonePe's fortunes changed drastically after Walmart acquired Flipkart, giving it indirect control over PhonePe. However, in 2022, PhonePe made a bold move by breaking away from Flipkart to become independent.
Sameer Nigam brings strong credentials to the table, holding an MBA from Wharton Business School and a master's in computer science from the University of Arizona.
PhonePe has revolutionized financial management for individuals and businesses alike, offering a wide array of services such as digital wallets, UPI payments, bill payments, and seamless purchase transactions. The platform has expanded its offerings to include cross-border UPI payments and, in 2023, launched Pincode, an app for local shopping and commerce.
With over 500 million users and 37 million merchants, PhonePe holds a significant share of the UPI and Bharat Bill Pay System markets. By November 2023, its valuation was estimated at over $12 billion (more than Rs 99,400 crore), underscoring its rapid growth and influence in India's fintech landscape.
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