Company Research Report: PhonePe
Company Overview
Name:
PhonePe
Mission:
To offer every Indian equal opportunity to accelerate their progress by unlocking the flow of money and access to services.
Founded:
Founded in December 2015
Founders:
Sameer Nigam
Key People:
- Sameer Nigam - CEO
- Rahul Chari - Chief Technology Officer (CTO)
- Burzin Engineer - Chief Reliability Officer
- John David Rainey - Board Member
- Donna Morris - Board Member
- Leigh Hopkins - Board Member
- Binny Bansal - Board Member
- Rohit Bhagat - Chairman of the Board
- Tarun Bajaj - Board Member
Headquartered:
Bangalore, Karnataka, India
Number of Employees:
No information is available
Revenue:
No specific revenue figures provided; however, it is mentioned that the company has shown a revenue growth of 74% year-over-year.
Known For:
PhonePe is India's leading consumer payments app, offering services in digital payments, insurance, investments, and financial services.
Products
Digital Payments App
Description:
The PhonePe app is a digital payments platform offering functionalities like recharging, bill payments, sending and receiving money, and more. It integrates UPI, wallet, and debit/credit card payments.
Key Features:
- Safety & Security: Best-in-class security systems to protect user money.
- Wide Acceptance: Accepted at over 4 crore stores across India.
- Ease of Use: User-friendly interface for seamless transactions.
- Versatility: Supports various money transfer and payment methods (UPI, wallet, cards).
PhonePe Pulse
Description:
A data and insights platform that showcases trends and insights for digital payments in India.
Key Features:
- Data Trends: Updated data, including transaction volumes and values.
- Insights: Detailed analysis and reports on digital payment trends.
Share.Market
Description:
Platform for wealth and investment, catering to investors and traders of various expertise levels.
Key Features:
- Investment Tracking: Monitor multiple investment products.
- Tools for Traders: Instruments and tools for both novice and advanced traders.
Pincode
Description:
A shopping app focused on local stores and sellers, enhancing digital shopping experiences.
Key Features:
- Local Focus: Prioritizes local businesses and sellers.
- Seamless Shopping Experience: Enhanced integration for online shopping.
Indus Appstore
Description:
A native Android-based app store catered to Indian consumers' localized and cultural needs.
Key Features:
- Localized Content: Apps and services tailored to Indian users.
- Developer Support: Platform for developers to list, distribute, and promote their apps in the Indian market.
Insurance Products
Description:
PhonePe offers various insurance products through its platform, providing financial security and risk management.
Key Features:
- Motor Insurance: Coverage for cars and bikes.
- Health Insurance: Health plans including Arogya Sanjeevani Policy.
- Life Insurance: Term life and personal accident insurance.
- Travel Insurance: Domestic and international travel insurance options.
Investment Products
Description:
A suite of investment product offerings for Indian consumers.
Key Features:
- 24K Gold: Purchase and investment options in pure gold.
- Mutual Funds: Liquid, tax-saving, equity, debt, and hybrid funds.
Recent Developments
Partnerships:
- PhonePe and Liquid Group: Partnered to expand UPI QR payment acceptance in Singapore (10 September 2024).
New Products Launched:
- PhonePe Payment Gateway: Launched "PhonePe PG Bolt" to enhance in-app payments for merchants (28 August 2024).
- Credit Line on UPI: Enabled credit line services on the UPI platform (22 August 2024).
- Pre-approved Term Life Insurance: Introduction of new term life insurance products (08 August 2024).
- Secured Loans: Launched partnership with NBFCs to offer secured loans (30 May 2024).
New Features Added:
- Cross-Border Payments: Launched UPI payments in Sri Lanka (15 May 2024) and UAE via Neopay terminals (28 March 2024).
- Wallet Usage Abroad: Tied up with eSewa and Hotel Association of Nepal Pokhara to enable UPI payments in Nepal (10 April, 2024).
Awards and Accolades:
- BFSI Best Brand 2024: ET Edge 7th Edition Best BFSI Brands 2024.
- Best Fintech App 2024: Best Mobile & App Awards category at IAMAI’s 14th India Digital Awards 2024.
- Best Payments Fintech: Bharat Fintech Summit 2024.
- Excellence in Payment Solutions: Dun & Bradstreet BFSI & Fintech Summit 2024.
- Best Payments Solutions 2023: Business World's 4th Edition - Festival of Fintech Conclave & Awards.
- Best Insurtech 2023: Business World's 4th Edition - Festival of Fintech Conclave & Awards.
- BFSI Best Brand 2023: ET BFSI's Best Brand Conclave in its 6th edition.
- Best Tech for Payments: Best Technology Solutions Awards category at IAMAI's 13th India Digital Awards 2023.
This report represents the current standing and product offerings of PhonePe as per available data.
