PhonePe has added the ability to contribute to the National Pension System (NPS) directly through its app, making it easier for millions of users to invest for their retirement. This new feature, launched under Bharat Connect, simplifies the process and offers convenient digital payment options for NPS contributions.
Payment aggregators PhonePe and Easebuzz are facing investigation by Delhi Police’s cybercrime unit for their alleged involvement in the Hibox scam. This elaborate scheme defrauded thousands of investors, lured by promises of high returns through a mobile app. The investigation has also implicated social media influencers and nearly 20 entities, raising concerns about the role of these platforms in facilitating financial fraud.
PhonePe, a leading Indian fintech company, has revolutionized digital payments in India, boasting over 500 million users and a 40% share of the UPI market. Founded by former Flipkart executives, PhonePe has grown rapidly, offering a wide range of financial services beyond just payments, including merchant loans, advertising solutions, and hyperlocal shopping through its Pincode app.
PhonePe CEO Sameer Nigam issued an apology after facing backlash for his comments on the new Karnataka Reservation Bill. He clarified that he never intended to insult Karnataka and its people, and apologized for hurting any sentiments. Nigam also reiterated his belief in linguistic diversity and his respect for Kannada and other languages.
PhonePe CEO and cofounder Sameer Nigam expressed his dissatisfaction with the Karnataka government’s job reservation bill for Kannadigas, sparking debate online. The bill, which mandates job reservations for local candidates in private firms, has faced backlash from various stakeholders, including Nigam, who questioned the rationale behind the bill and its impact on the tech industry in Bangalore.
PhonePe, a leading Indian fintech platform, has witnessed a remarkable journey from its inception to becoming a prominent player in the digital financial landscape. Founded by former Flipkart employees, the company gained significant traction after being acquired by Flipkart, subsequently becoming a Walmart entity. Despite its close ties to Flipkart, PhonePe boldly made the decision to become independent in 2022. Under the leadership of CEO Sameer Nigam, the company continues to innovate and expand its services, serving over 500 million users and 37 million merchants, making it a force to be reckoned with in the Indian fintech sector.
Ixigo, a leading travel booking platform, has extended its partnership with PhonePe, India’s leading digital payments platform, to integrate flight and bus booking services directly within the PhonePe app. The collaboration aims to simplify the travel booking process and offer greater convenience to users.
**Singapore’s Temasek and US investment fund Fidelity are in talks to invest in Lenskart, an omnichannel eyewear retailer.** The new funding round, led by Temasek, values Lenskart at over $5 billion. This is higher than the $4.5 billion valuation at which it conducted $600 million of funding last year. The funding will help Lenskart expand its operations and continue its growth trajectory.
**In other news, Flipkart’s Web3 and blockchain explorations are expanding beyond the metaverse and non-fungible tokens (NFTs).** The company is working with Polygon for its web3 initiatives and plans to go deep with this partnership this year. Flipkart aims to use blockchain technology to deepen its brand engagements and track promotional content and their conversion into sales.
**Zilingo’s former CEO, Ankiti Bose, has filed a case of sexual harassment against the company’s cofounder Dhruv Kapoor and its former chief operating officer Aadi Vaidya.** According to the FIR, in March 2021, the two allegedly threatened Bose and sought sexual favours.
**PhonePe is restructuring its ONDC strategy by exiting several non-food categories.** The Walmart-owned company unveiled its ecommerce venture Pincode on ONDC in 2023 offering grocery, food delivery, medicines, fashion and electronics among other categories on the network.
**Database company MongoDB sees a “great opportunity” in India as large banks, airlines and financial services companies here launch AI business models.** The company is introducing its new GenAI platform in India to help organizations develop and deploy AI models on its database platform.
PhonePe has decided to exit non-food categories in its ecommerce business, while the government’s Production Linked Incentive scheme has attracted Rs 13,000 crore in investments for electric vehicle manufacturing. Additionally, the US Senate has passed a bill that could result in a TikTok divestment or ban, and Zilingo’s former CEO has filed a sexual harassment case.
Indus Appstore, owned by PhonePe, has integrated voice search functionality in ten Indian languages to increase its user base and acceptance. The app store aims to reach 75% of Indian internet users who prefer local languages. The voice search feature uses artificial intelligence and machine learning to ensure accuracy and understand various accents and speech patterns. This feature is expected to benefit app developers by boosting app installs. The move towards voice search is seen as a significant step in creating an inclusive and accessible app store, especially since 82% of smartphone users engage in voice-activated technology.
