The emergence of fintech companies in India has transformed the landscape of financial transactions. A prominent player in this market is PhonePe, a digital banking platform established in 2015 by former Flipkart employees Sameer Nigam, Rahul Chari, and Burjin Engineer. Under the leadership of CEO Sameer Nigam, PhonePe has evolved into a trusted and popular financial solutions provider for millions of users.
PhonePe's journey took a significant turn when it was acquired by Flipkart for less than $20 million. Following Walmart's majority stake acquisition in Flipkart, Walmart gained indirect control over PhonePe. In a bold move in 2022, PhonePe separated from Flipkart to operate independently.
Sameer Nigam has completed an MBA from the Wharton Business School and a master's degree in computer science from the University of Arizona.
PhonePe has revolutionized financial management for both individuals and businesses through its extensive range of services, including digital wallets, UPI payments, bill payments, and seamless purchase transactions. The platform expanded its offerings with cross-border UPI payments and the launch of Pincode, a hyperlocal shopping and commerce app, in 2023.
With over 500 million users and 37 million merchants, PhonePe holds a significant share in the UPI and Bharat Bill Pay System markets. As of November 2023, its estimated valuation exceeds $12 billion (over Rs 99,400 crore).
