Who owns paytm12/30/2023 ![]() ![]() As a part of this hive-off, PhonePe secured US$700 million in primary capital at a post-money valuation of US$5.5 billion from existing investors of Flipkart led by Walmart. In December, Flipkart partially hived off PhonePe into a separate entity in order to access dedicated capital. In November, PhonePe is the largest digital platform for buying gold with a 35% market share. PhonePe emerged as the fastest-growing insurtech company in India. In October, the company ventured into motor insurance with the launch of car and bike insurance policies. The company also expanded its Mutual Funds lineup in the same month by launching 7 new categories. In September, PhonePe became one of the largest insurance tech distributors in the country with over 5 lakh insurance policies sold on its platform. In July, the company formed a partnership with ICICI Lombard to launch Hospital Daily Cash insurance that covers expenses incurred during hospitalisation due to injury or illnesses. In June, the company launched domestic multi-trip insurance to cover all risks associated with all modes of travel within India at an affordable annual premium. PhonePe launched Super Funds in May to aid long-term wealth creation by helping customers invest in equity, debt, and gold funds of mutual fund companies. In February, PhonePe launched the chat feature on its app to enable its users to have conversations with each other within the app while requesting money or confirming the receipt of payment. PhonePe also launched Liquid Fund in association with Aditya Birla Mutual Fund to provide the combined benefits of a fixed deposit and a mutual fund. In January, PhonePe became the first digital payment platform in India to launch international travel insurance. In the same year, PhonePe also became the first payment app to allow customers to make bids for initial public offerings through the UPI platform. PhonePe launched tax-saving funds to help customers minimise their tax burden by investing in equity-linked saving schemes. PhonePe has also entered similar partnerships with Jio Money and Airtel Money. This partnership enabled PhonePe users to link their existing Freecharge wallets to the PhonePe app. PhonePe partnered with Freecharge in January 2018. The hardware uses Bluetooth connectivity and enables payments through all the mobile devices that can access the PhonePe app. ![]() The Bluetooth enabled POS device looks like a calculator and works with AA batteries. In October, PhonePe launched a low-cost POS device built in India. PhonePe helps merchants to accept payments through all UPI-based apps, debit and credit cards, as well as wallet (Including third party wallets) on the app. As per NPCI's UPI ecosystem statistics, PhonePe currently holds a 48% stake in the UPI market. A year later, it further expanded its services by launching international UPI payments, allowing users to pay foreign merchants with Unified Payments Interface (UPI). In 2022, PhonePe became the first UPI TPAP (Third Party Application Providers) App to allow UPI activation through Aadhaar. The PhonePe app overtook BHIM to become the market leader in UPI transactions in August 2017. In 2018, PhonePe became the fastest Indian payment app to get a five crore badge on the Google Play Store. ![]() Within three months of launch, the app was downloaded by over one crore users. In August 2016, the company partnered with Yes Bank to launch a UPI-based mobile payment app, based on the government-backed UPI platform. PhonePe's founder Sameer Nigam was appointed as the CEO of the company. In April 2016, the company was acquired by Flipkart and as part of the acquisition, the FxMart license was transferred to PhonePe and rebranded as the PhonePe wallet. PhonePe was incorporated in December 2015. PhonePe is licensed by the Reserve Bank of India for the issuance and operation of a Semi Closed Prepaid Payment system with Authorisation Number: 75/2014 dated 22 August 2014. It currently has over 44 crore registered users with over 20 crore monthly active users. ![]() The app served more than 10 crore users as of June 2018, processed 500 crore transactions by December 2019, and crossed 10 crore transactions a day in April 2022. PhonePe is accepted as a payment option by over 3.5 crore offline and online merchant outlets, constituting 99% of pin codes in the country. Using PhonePe, users 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, and digital gold. The PhonePe app is available in 11 Indian languages. The PhonePe app, based on the Unified Payments Interface ( UPI), went live in August 2016. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. ![]()
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