Former employees of Flipkart laid the foundation of PhonePe, bought it when it took off, this is the whole story - Newztezz Online

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Thursday, January 12, 2023

Former employees of Flipkart laid the foundation of PhonePe, bought it when it took off, this is the whole story

PhonePe Success Story: Even though the demonetisation in 2016 proved to be a boon for the company, the challenges did not end there. UPI payment platforms like Google-Pay and Paytm also gave competition to the increase in cashless transactions. Learn,

PhonePe is one of the most widely used UPI payment platforms. In the last 6 years, it has emerged as the market leader in the UPI industry. It is being used for everything from mobile recharge to restaurant payments. There were many challenges while launching PhonePe , as it was started in 2015 when demonetisation did not happen. This was the time when people used to shy away from making digital payments.

Even though the demonetisation in 2016 proved to be a boon for the company, the challenges did not end there. UPI payment platforms like Google-Pay and Paytm also gave competition to the increase in cashless transactions. Know, the journey of Phone-Pe so far…

Employees who left Flipkart started the company

PhonePe was started by three employees who left Flipkart together. PhonePe was started in 2015 by founders Sameer Nigam and Rahul Chari and cofounder Burjin Engineer.

Sameer Nigam: Apart from being the founder of the company, Sameer is also the CEO. He has also worked as Senior Vice President in the Engineering Department of Flipkart. He has done his graduation from Mumbai University and MBA from The Wharton School.

Rahul Chari: Rahul is the founder and CTO of the company. Rahul, who belongs to an engineer bank background, did an internship with Sun Microsystems. Apart from this, he has held several key positions in Cisco Systems and Flipkart.

Burgin Engineer: Burgin is the co-founder and CRO ie Chief Reliability Officer for PhonePe. Burgin has also worked in Flipkart. Apart from this, served as Director of Engineering in organizations like mime360 and Shopzilla.

When PhonePe took off, it was Flipkart that bought it.

PhonePe started with the tagline 'Karte Ja, Bharte Ja'. This line attracted people and left a positive impact. PhonePe started in 2015 and when the company took off for success, just a year later it was bought by Flipkart itself. According to StartupSky's report, Flipkart holds 87 per cent stake in PhonePe.

After demonetisation, the users of PhonePe started increasing, but there was competition from platforms like Google Pay and Paytm. The company always focused on two things, secure payment and secure data. Apart from this, many celebrities including Aamir Khan campaigned for PhonePe. Despite the competition, PhonePe has maintained its marketing and successful payment rates.

After launching, the company started providing the app not only for payment but also for other services. In this, the option of purchasing food, recharge and grocery was also given. Gradually utilities like electric bills and gas bills were included in it. Apart from this, many facilities were given in it. In this way, PhonePe became an important part of everyday need. Currently, 3500 employees are working for PhonePe across the country.

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