How PhonePe adapted to the new normal in fintech
A lot of things changed with the dawn of the new normal following the coronavirus outbreak, but for the fintech industry, things turned around quickly.
Bengaluru-based fintech startup pivoted rapidly and announced work-from-home even before the nationwide lockdown. Other employee initiatives, from ESOPs to fun team collaborations were also brought about as the company went about “reorganising the workplace”. The digital payments provider also recognised the behavioural shift in fintech from person-to-person to merchant-led digital payments. It went on to add several new functionalities to its platform.
Speaking at YourStory Mediarecent Future Group conference, PhonePe Co-founder and CTO Rahul Chari said that fintech leader’s key takeaways from the pandemic is that there is more to gain from rapidly investing across the urban and rural user base, than taking a linear approach to business.
Founders of PhonePe (L to R): Sameer Nigam and Rahul Chari
With employees in organisations across the globe experiencing pandemic fatigue and deteriorating mental health, PhonePe moved quickly to conduct virtual sessions to keep its workforce engaged and introduced 'Do Not Work From Home' days to help maintain their work-life balance.
Manmeet Sandhu, Chief People Officer at PhonePe, said at the Future of Work event that the company is also focused on creating a diverse and inclusive work culture. PhonePe places a high premium on the openness of thought, collaboration, and holistic approach to work, she said.
COVID-19 brought about a quick change in consumer behaviour and new trends emerged due to rapid digitisation. Varun Alagh, Co-founder, MamaEarth says that the startup reached positive unit economics riding on organic and direct traction through D2C channels. The impact of the pandemic has largely been positive, he adds, with 90 percent of MamaEarth’s businesses coming from new users in Tier-II and III towns.
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Illustration: YS Design
News & Updates
- Through its assistant investment programme, Google has marked the fund's first investment in Asia with undisclosed funding in Wysa, an AI-based mental health startup in India. Wysa has raised $3.9 million in funding so far.
- CAIT has demanded the restoration of MSME status for eight crore traders. The government in June 2017 removed retail and wholesale traders from the MSME category, forcing the players to either borrow at a higher rate or from informal financial sources.
- Home services marketplace Urban Company aims to onboard over 20,000 professionals on its platform this year. The startup has more than 40,000 gig workers so far, of which over 35,000 are in India.
- The Department for Promotion of Industry and Internal Trade (DPIIT) will hold a host of meetings with industry and trade associations on issues pertaining to FDI in the ecommerce sector.
Before you go, stay inspired with…
PhonePe Co-founder Rahul Chari
“Make sure that the problem statement you're solving is a real problem statement, and that it is a problem that needs to be solved. And if, at any given point, you get the signals that you shouldn't be chasing this, make sure that you're ready to pivot.”