PhonePe acquires GigIndia to boost enterprise offerings
Digital payment firm PhonePe has acquired GigIndia, a marketplace for gig workers, in its bid to strengthen its offerings for corporate and enterprise partners, the company said on Monday.
Bengaluru: Digital payment firm PhonePe has acquired GigIndia, a marketplace for gig workers, in its bid to strengthen its offerings for corporate and enterprise partners, the company said on Monday. GigIndia is a market place for gig workers, which counts 1.5 million entrepreneurs and over 100 enterprises as its customers. Post this acquisition, GigIndia will be integrated with PhonePe as part of the deal. According to PhonePe, this acquisition will allow it to leverage GigIndia's network of freelance micro-entrepreneurs to help corporates and enterprises acquire more customers and scale their distribution channels. It will also strengthen PhonePe's offerings and value proposition to its enterprise partners.
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 said, "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.''
In January, PhonePe has said that it had 350 million users, of which 150 million were active monthly. The company also said that it had an offline acceptance network of 25 million stores and had processed $651 billion in annualised total payment value (TPV) as of December 2021.
Currently, PhonePe is the market leader in the UPI-driven digital payment ecosystem followed by Google Pay. Paytm, Amazon Pay and WhatsApp Pay are the other major players in the market place. Reports have suggested that Tata Group is planning to enter the UPI space with launching of their own app.
With rising competition and higher adoption of digital transactions, all digital payments players are integrating various services under their folds for attracting more customers. Digital platforms are already selling various insurance, mutual fund and other financial services products.