PhonePe announces acquisition of GigIndia
- The acquisition will help in the creation of millions of opportunities for freelance micro-entrepreneurs across India
- This will also strengthen PhonePe’s offerings & value proposition to its corporate & enterprise partner
National, March 21st, 2022: PhonePe, India’s leading digital payments platform today announced that it has acquired GigIndia, the country’s leading network for freelance micro-entrepreneurs. As a part of the acquisition, GigIndia which has 1.5 Mn entrepreneurs, and over 100 enterprises as customers, will integrate with PhonePe.
PhonePe will leverage GigIndia’s network of freelance microentrepreneurs to help corporates and enterprises acquire more customers and scale up their distribution channels. This acquisition will also strengthen PhonePe’s offerings and value proposition to its enterprise partners and result in the creation of millions of opportunities for individual freelance micro-entrepreneurs in India. According to reports, India’s freelance community is projected to grow to $20-30 billion by 2025.
Speaking on the acquisition Vivek Lohcheb, Head of Offline Business at PhonePe said, “We are excited to welcome GigIndia’s team to PhonePe and leverage their domain expertise to offer value added services to our enterprise partners, helping them scale, expand and grow their businesses. GigIndia has already served many businesses, with its pool of high-quality, skilled freelance micro-entrepreneurs. We are looking forward to working closely with them.”
Sahil Sharma, CEO at GigIndia added, “PhonePe is a leader in the digital payments space, and we are delighted to be joining forces with them. GigIndia has been a trusted partner for fast-growing enterprises across India and in PhonePe we have found a like-minded partner, who supports our vision.’’
Aditya Shirole, COO at GigIndia said, “GigIndia has been playing a pivotal role in transforming the way businesses are collaborating with an intent of empowering freelance micro-entrepreneurs with readily available opportunities. PhonePe’s vision and values strongly resonate with our ethos of innovation. We are looking forward to working closely with the PhonePe team.’’
PhonePe is India’s leading digital payments platform with over 365 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, pay at stores, make utility payments and also buy and invest in gold and silver. PhonePe forayed into financial services in 2017 with the launch of gold providing users with a safe and convenient option to buy 24-karat gold, and recently also launched silver on its platform. PhonePe has since introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, and insurance for the COVID-19 pandemic among others. PhonePe is also accepted at over 27 million merchant outlets across India.
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