Digital payments firm PhonePe buys GigIndia to strengthen enterprise offerings

Digital payments major PhonePe has acquired GigIndia, a marketplace for gig workers, to strengthen its offerings for corporate and enterprise partners, the company said on Monday. GigIndia will integrate with PhonePe as a part of the deal. PhonePe said the acquisition will allow it to leverage GigIndia's network of freelance micro entrepreneurs to help corporates and enterprises acquire more customers and scale their distribution channels. It will also strengthen PhonePe’s offerings and value proposition to its enterprise partners, the company said. GigIndia has 1.5 million entrepreneurs and more than 100 enterprises as customers.

Vivek Lohcheb, head of offline business at PhonePe, said,

“We are excited to leverage [GigIndia’s] domain expertise to offer value-added services to our enterprise partners, helping them scale, expand and grow their businesses. GigIndia has already served many businesses, with its pool of high-quality, skilled freelance microentrepreneurs. We are looking forward to working closely with them.”

Phonepe acquired point of sale business zopper retail in 2018. It also announced plans to acquire content discovery platform indusos last year, but this has been stuck in a legal tussle

PhonePeacquired point-of-sale business Zopper Retail in 2018. It also announced plans to acquire content discovery platform Indus OS last year, but this has
been stuck in a legal tussle.

In January, PhonePe said that it had 350 million users, of which 150 million were active monthly. The company also claimed that it had an offline acceptance network of 25 million stores and had processed $651 billion in annualised total payment value (TPV) as of December 2021.