PhonePe was founded by ex-Flipkart employees, bought it at launch, that’s the whole story 2023

PhonePe success story: While demonetization in 2016 proved to be a boon for the company, the challenges didn’t stop there. UPI payment platforms like Google-Pay and Paytm also create competition for the growth of cashless transactions. learn,

PhonePe was founded by Sameer Nigam and Rahul Chari.

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PhonePe is one of the most widely used UPI payment platforms. Over the past 6 years, it has emerged as a market leader in the UPI industry. It is being used for everything from mobile recharges to restaurant payments. on phones There were many challenges during the launch, as it started in 2015 when demonetization had not taken place. This is a time when people are hesitant to make digital payments.

While demonetization in 2016 proved to be a boon for the company, the challenges didn’t stop there. UPI payment platforms like Google-Pay and Paytm also create competition for the growth of cashless transactions. Let’s find out, the phone payment journey so far…

Employees leave Flipkart to start a company

PhonePe was founded by three employees who left Flipkart together. PhonePe was founded in 2015 by founders Sameer Nigam and Rahul Chari and co-founder Burjin Engineer.

1. Sameer Nigam: In addition to being the founder of the company, Sameer is also the CEO. He also served as Senior Vice President of Engineering at Flipkart. He is a graduate of the University of Mumbai and holds an MBA from the Wharton School.
2. Rahul Chari: Rahul is the founder and CTO of the company. Rahul, who has a banking engineering background, did his internship at Sun Microsystems. In addition, he also holds a number of key positions in Cisco Systems and Flipkart.
3. Bergin Engineer: Burgin is the co-founder and CRO of PhonePe Bergin also worked at Flipkart. Also worked as Technical Director at companies like mime360 and Shopzilla.

When PhonePe launched, it was acquired by Flipkart.

PhonePe started with the slogan ‘Karte Ja, Bharat Ja’. This line has attracted people and created a positive impact. PhonePe was launched in 2015 and although the company started to gain a lot of success, it was acquired by Flipkart itself just a year later. According to a report by StartupSky, Flipkart owns 87% of PhonePe’s shares.

Post demonetization, while the number of PhonePe users started increasing, there was competition from platforms like Google Pay and Paytm. The company has always focused on two things, secure payments and secure data. Additionally, many celebrities including Aamir Khan have campaigned for PhonePay. Despite the competition, PhonePe maintains its marketing and payment success rate.

After its launch, the company started offering the app not only for payments but also for other services. It also provides options to buy food, refills and groceries. Gradually, utilities such as electricity and gas were also included. Additionally, many amenities are provided in it. So, PhonePe has become an important part of daily needs. Currently, there are 3,500 employees working for PhonePe nationwide.

TagsBrand story knowledge On the phonePhonePe users in India

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Source: Tekmonk Bio, Make Money Blogging

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