Flipkart-owned Phonepe eyes 500 million users by 2022
Flipkart-owned fintech platform Phonepe has crossed the 250 million registered user milestone and is looking to double its user base over the next two years.
The company reported over 100 million monthly active users (MAU) and 2.3 billion app sessions in October, with an overall 40 percent market share.
Commenting on the milestone, Sameer Nigam, CEO and founder of Phonepe, in a statement said: “The company has set a target of crossing 500 million registered users by December 2022. In line with our brand ethos of 'Karte Ja. Badhte Ja', we continue to launch new and innovative products for every strata of Indian society, as well as enable digital payment acceptance across every merchant in every village and town in India.”
PhonePe - which competes with the likes of Paytm, Mobikwik, and Google Pay - allows users to send and receive money, recharge mobile and make utility payments, as well as buy gold and make investments.
Earlier this year, Flipkart invested $90 million (Rs 664.83 crore) in Phonepe, after the entity expanded its grocery deliveries during the lockdown. Phonepe currently has over 230 million registered users and is accepted at over 11 million merchant outlets across 500 cities nationally.
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