PhonePe is a mobile payments app that allows you to transfer money instantly to anyone, by using just their mobile number.
PhonePe's goal is to make digital payments so easy, safe & universally accepted that people never feel the need to carry cash or cards again.
PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The company is headquartered in Bangalore, Karnataka, India.
PhonePe dominates transactions on UPI, a network built by a coalition of retail banks in India. The PhonePe app is available in over 11 Indian languages. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments, pay at shops, invest in tax saving funds, liquid Funds, buy insurance and mutual funds and gold.
PhonePe is accepted as a payment option at offline and online merchant outlets across 400 cities in India covering food, travel, groceries, medicines, movie tickets etc. The company launched the PhonePe ATM in January 2020. The PhonePe ATM allows neighbourhood Kirana stores to dispense cash in real-time to customers.
PhonePe has more than 450 million registered users and more than 35 million offline merchants. The company processes more than 8 billion transactions a month
PhonePe is backed by Walmart, Flipkart, Tiger Global Management, Tencent, General Atlantic, Ribbit Capital, TVS Capital, and others. The company raised another $200M as part of an ongoing round on Mar 17, 2023. This brings PhonePe's total funding to $2.35B to date. The ongoing round valued the company at a $12B pre-money.