Everything is changing in today's world. Nobody feels like paying things in cash. And the big amounts are rarely paid in cash. UPI, money transfer, utility bills, mobile recharges are now made easy. You need not go to a shop to recharge your phone these days.
The name of the solution is PhonePe. It is an Indian payment app. The app allows its users to use a credit card and debit card. Instant money transfers can be done through the app. The world is revolutionising and things are getting easy. Read the PhonePe success story below.
Company Highlights
| Company Name | PhonePe |
|---|---|
| Headquarter | Bengaluru, Karnataka, India |
| Founders | Sameer Nigam, Burzin Engineerand Rahul Chari |
| Founded | December 2015 |
| Sector | Fintech |
| Parent Organization | Flipkart |
| Website | phonepe.com |
PhonePe - About
PhonePe - Founders And Team
PhonePe - Journey
PhonePe - Business Model
PhonePe - Revenue Model
PhonePe - Funding And Investors
PhonePe - Competitors
PhonePe - Growth
PhonePe - Future Plans
PhonePe - About
PhonePe is a digital payment company. It is available in over 11 languages. This is the first payment app which is built on Unified Payments Interface (UPI). The users can both receive and send money with the help of this app. Paying at shops is now easy too in case anybody is running out of cash. The app also allows its users to book Ola rides and order food on Freshmenu.
PhonePe - Founders And Team
Sameer Nigam, Burzin Engineer and Rahul Chari are the founders of PhonePe.
- Sameer Nigam is the founder and the CEO at PhonePe. He is an excellent manager.
- Burzin Engineer is the cofounder and CIO of PhonePe. He was the vice president at M-GO. He pursued his degree from the University of Mumbai. He also pursued his master's degree from the University of Southern California. His CB Rank is 4996 as a person.
- Rahul Chari is the founder and CTO at PhonePe. He started his career as a Software Engineer on Andiamo Systems Inc. He was also the Senior Software Engineer and Manager at Cisco Systems.
PhonePe - Journey
PhonePe was founded in the year 2015 December. In the year 2016, Flipkart acquired PhonePe. The app goes live that year. In the year 2017, PhonePe became the 1st UPI based app to cross 10 million downloads. It was also rated as the first Finance App on Apple App Store and Google Play Store. Slowly, it became the biggest driver of UPI transactions in India. In the year 2017, it hit 1 million app transactions in a day. In the year 2018, it launched Micro apps on its platform.
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PhonePe - Business Model
PhonePe is a UPI based payment platform. The app helps us to transfer money from one bank to another. It also has various other uses. Those are already mentioned above. Through the app, PhonePe provides products, brands as well few services like groceries, insurance, food etc. The company's work is to promote the products. To recharge mobiles PhonePe can be used too. Electricity bills, gas bills can be paid too with the help of PhonePe. They have launched a POS machine. Which is now seen in almost each and every shop. PhonePe users can pay there through the help of the machine too.
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PhonePe - Revenue Model
The company gets its commission through the help of promotion of various products. It also collects revenues by a partner through the 'Switch' platform. Recharge points usually earn a commission from the telecom companies. When the customers recharge their phones. Likewise, PhonePe also gets a commission when the users recharge their phones through the app. Anything the users pay online from the app, the company earns a commission. PhonePe has got its own users database. In today's date, such information is very important. The payment patterns of the customers are determined by looking at how much money is getting transferred. And what the customer is buying from which company. The main motive of the company is to provide offers and increase the customer base.
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PhonePe - Funding And Investors
PhonePe has collected an amount of $673.5 million in funding over 10 rounds.
| Date | Amount Raised | Round |
|---|---|---|
| April 27, 2020 | $28 million | Corporate |
| February 26, 2020 | $59.6 million | Corporate |
| December 10, 2019 | Rs 5.9 billion | Corporate |
| October 22, 2019 | Rs 4.1 billion | Corporate |
| July 30, 2019 | Rs 7 billion | Corporate |
| March 22, 2019 | Rs 7.6 billion | Corporate |
| August 9, 2018 | Rs 4.5 billion | Corporate |
| April 1, 2018 | Rs 3.2 billion | Corporate |
| March 23, 2018 | Rs 5.2 billion | Corporate |
| October 4, 2017 | Rs 2.5 billion | Corporate |
PhonePe is funded by Flipkart. Flipkart is the lead investor of PhonePe.
PhonePe - Competitors
The top competitors of the company are Juspay, PCKT, Paytm, MobiKwik, BharatPe, Roomeo and mobilPay.
- Juspay is an online platform used for mobile-based payments. The company was founded in 2012.
- PCKT is a fintech company. It provides payment services to its consumers. The company was founded in the year 2003.
- Paytm is an Indian e-commerce payment system. It is a financial technology company. The company was founded in the year 2010.
- MobiKwik is an Indian company. It has got a mobile phone-based payment system. The company was founded in the year 2009.
- BharatPe is a platform, especially for retailers and businesses. It is a QR based payment app. The company was founded in the year 2016.
- Roomeo is a fintech mobile app. It is especially a payments platform. The company was founded in the year 2011.
- Mobilpay is a company. It provides mobile marketing and payment services. The company was founded in the year 2010.
PhonePe - Growth
In the year 2019 PhonePe was the highest one in the growth sector. PhonePe dominated the year with 857.22 %. All the leading payment apps grew by 88 % from the year 2018.
PhonePe - Future Plans
The company has got plans to be more profitable by 2022. They are also trying to help their users by discovering several new products online. PhonePe is also informing people about when and which shops are open and delivering products. This is a unique characteristic. It has launched a new chat service between the users and the merchants. Like this, in the next 2 years, they are dreaming of something bigger.
Author: Purbalee Dutta
Source : https://startuptalky.com/phonepe-success-story/
Date : 2020-09-04T10:25:34.000Z