Presenting

PhonePe

PhonePe is a digital payments platform through which users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments.

PhonePe is a digital payments platform through which users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe then offered several mutual funds and insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic among others. PhonePe also launched its switch platform in 2018 and customers can place orders on over 300 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo and RedBus directly from within the PhonePe mobile app.

Financial Services

FinTech

WEBSITE

http://phonepe.com/

HEADQUARTERS

Bangalore, Karnataka, , India

COMPANY SIZE

1000+

FOUNDED

2015

Stories

Stories about PhonePe

Awards

Awards and Recognitions

Top 50 Newsmakers of India - 2019

A YourStory list of startups that made the news this year for all the right reasons.

There is no doubt that fintech startup PhonePe is one of the brightest stars in the Flipkart-Walmart universe. Being the first non-banking app to seize on the opportunity of offering UPI payments back in 2017, PhonePe kicked off its offline strategy this January. It quickly scaled it to five million offline acceptance points by June, showcasing 5X growth in just nine months. As the tussle to be at the top continued, PhonePe for the first time (after Google Pay and Paytm’s entry) claimed to be the market leader for total UPI payments in August, registering close to 343 million transactions. It also claimed to have achieved an annual TPV (total payment volume) run rate of $95 billion, marking a 5X growth in the past year. The startup also entered the financial services and wealth management arena, allowing users to invest in mutual funds through its platform. Now, PhonePe is trying to raise a $1 billion in funding from strategic external investors. Chinese conglomerate Tencent and South African internet group Naspers (which owns PayU) are also looking to back the company. But, on the back of tremendous growth and euphoria are widening losses as PhonePe reported Rs 1,907 crore in losses in FY19, compared to Rs 791 crore in FY18. On the other hand, it generated revenue of Rs 245.8 crore in FY19, compared to Rs 49 crore in FY18. The startup also took to cricket to increase its visibility, becoming the official co-presenting sponsor for the TV broadcast of VIVO IPL 2019 and the official co-presenting sponsor for the TV broadcast of ICC World Cup 2019.