PhonePe is an e-commerce payment system and digital wallet company that allows users to transfer money instantly to anyone, by using just their mobile number. The users of PhonePe can send and receive money, recharge mobile, DTH, data cards, make utility payments, pay at shops, invest in tax saving funds, liquid funds, buy insurance, mutual funds, gold and silver.
PhonePe has now become a decacorn, or a startup valued at more than $10 billion. The firm has raised $350 million in a funding round led by private-equity firm General Atlantic. PhonePe intends to use the proceeds in infrastructure and new businesses, including insurance, wealth management and lending.
PhonePe, Bengaluru, India, was founded by Sameer Nigam, Rahul Chari, and Burzin Engineer in 2015. The company was founded with a mission to stand as a universal, seamless, and safe mobile payments ecosystem. PhonePe is currently considered to be the market leader in the digital payments space of India. “We look forward to delivering the next phase of our growth by investing in new business verticals like insurance, wealth management and lending, while also facilitating the next wave of growth for UPI (Unified Payments Interface) payments in India,” said Sameer Nigam, co-founder and chief executive officer, PhonePe.