PhonePe acquires GigIndia
ACQUISITION & MERGER STARTUP 

PhonePe Acquires GigIndia To Expand Its Business Offerings

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PhonePe, a digital payments and financial services company, said on March 21 that it has acquired GigIndia, a network for independent micro-entrepreneurs located in Pune.

PhonePe will be able to integrate 1.5 million entrepreneurs and over 100 businesses as clients, in addition to its own workers, as a result of the purchase. PhonePe will use GigIndia’s network of freelancing microentrepreneurs to assist corporations and businesses in expanding their client bases and distribution channels.

PhonePe’s key services are payments and financial services, and the Walmart-owned PhonePe company has a 47 percent share of monthly Unified Payments Interface (UPI) volumes. UPI is the platform’s primary client acquisition channel, allowing it to cross-sell revenue-generating items like as mutual funds, gold, and insurance to customers while also facilitating bill payments.

PhonePe’s acquisition of GigIndia, on the other hand, is a departure from the firm’s main operations, as it would allow the company to use GigIndia’s network of freelancing microentrepreneurs to assist corporates and companies in acquiring more clients and scaling up their distribution channels.

In relation to the purchase, “With its pool of high-quality, professional freelancing micro-entrepreneurs, GigIndia has already benefited several enterprises,” said Vivek Lohcheb, Head of Offline Business at PhonePe. 

Customers include Amazon, Paytm, Tata Group, Reliance Industries, Swiggy, and PayU, among others. GigIndia was established in the year 2017 by Sahil Sharma and Aditya Shirole. Former TCS CEO S Ramadorai, Beyond Next Ventures CEO and Founding Partner Tsuyoshi Ito, Incubate Fund India Founder Nao Murakami, and former Tech Mahindra CEO Kiran Deshpande are among the company’s investors and advisors.

“PhonePe is a market leader in digital payments, and we’re excited to be working with them.” GigIndia has long been a trusted partner for India’s fast-growing businesses, and in PhonePe, we’ve discovered a like-minded partner that shares our goal,” said Sahil Sharma, founder, and CEO of GigIndia.

PhonePe, which was created in 2015 by former Flipkart executives Sameer Nigam, Rahul Chari, and Burzin Engineer, has over 335 million registered users and is accepted at over 22 million merchant locations.