PhonePe

Intro and history: PhonePe is an Indian digital payments and financial services company headquartered in Bangalore, India. It was founded in December 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer. The company was acquired by Flipkart in April 2016, before its commercial launch. PhonePe app went live in August 2016 and was the first payment app built on Unified Payments Interface (UPI). Industry: Financial Services Product, Services and Operations: PhonePe offers a variety of services including online money transfers, recharging, paying utility bills, and online shopping. It also provides financial services such as insurance and mutual funds. The company operates on the Unified Payments Interface (UPI) system and is powered by the National Payments Corporation of India (NPCI). Funding Details: PhonePe is owned by Flipkart and doesn't raise funds independently. However, in 2020, Flipkart decided to partially spin-off PhonePe, allowing it to access dedicated capital to fund its long-term ambitions over the next three to four years. Acquisitions: PhonePe has not made any notable acquisitions. Awards and Achievements: PhonePe was recognized as the 'Best Digital Wallet' by IAMAI in 2019. It also won the DigiDhan Mission Fintech Award 2016-2017 by MeitY, Government of India.