phonepe: Digital payments firm PhonePe acquires GigIndia to strengthen enterprise offerings

Bangalore: Digital payments major PhonePe has acquired GigIndia, a marketplace for gig workers, to strengthen its offering to corporate and enterprise partners, the company said on Monday. As a part of the deal, GigIndia will integrate with PhonePe.

PhonePe said the acquisition will help it leverage GigIndia’s network of freelance microentrepreneurs to help corporates and enterprises gain more clients and expand their distribution channels. The company said it will also strengthen PhonePe’s offerings and the value proposition for its venture partners. GigIndia has 1.5 million entrepreneurs and over 100 enterprises as clients.

Vivek Lohcheb, Head of Offline Business, PhonePe said, “We are excited to leverage this [GigIndia’s] Domain expertise to provide value-added services to our enterprise partners, helping them grow, expand and grow their businesses. GigIndia has already served many businesses with its pool of high quality, skilled freelance micro-entrepreneurs. We look forward to working closely with them.”

PhonePe acquired Zopper Retail, a point-of-sale business in 2018. It also announced plans to acquire content discovery platform IndusOS last year, but it has been embroiled in a legal dispute.

In January, PhonePe said it had 350 million users, of which 15 crore were monthly active. The company also claimed that it had an offline acceptance network of 25 million stores and had processed $651 billion in Annual Total Payment Value (TPV) as of December 2021.

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