Current Affairs   »   Business Current Affairs & News 2022   »   PhonePe acquires freelance entrepreneur network GigIndia

PhonePe acquires freelance entrepreneur network GigIndia

PhonePe, a digital payments and financial services company, has acquired GigIndia, a network for independent micro-entrepreneurs based in Pune. PhonePe will be able to integrate 1.5 million entrepreneurs and over 100 businesses as customers, in addition to its own employees, as a result of the acquisition. PhonePe will use GigIndia’s network of freelancing microentrepreneurs to assist corporations and businesses in expanding their customer bases and distribution channels.

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Key Points:

  • PhonePe’s key services are payments and financial services, and the Walmart-owned 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 such 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 will allow the company to use GigIndia’s network of freelance microentrepreneurs to assist corporates and companies in acquiring more clients and scaling up their distribution channels.
  • The acquisition will boost PhonePe’s products and value proposition to its enterprise clients, as well as create millions of opportunities for individual freelance micro-entrepreneurs in India.
  • India’s freelance community is expected to expand to $20-30 billion by 2025, according to projections.

About GigIndia:

GigIndia was founded in 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.

About PhonePe:

PhonePe is a market leader in digital payments. Former Flipkart executives Sameer Nigam, Rahul Chari, and Burzin Engineer established PhonePe in 2015.

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