PhonePe Releases its First Annual Report; Underscores Commitment to Innovation and Building for India

National, October 21st, 2024: PhonePe, announced the release of its inaugural annual report, providing a comprehensive overview of the company’s vision, strategy, governance, and financial performance. The report highlights PhonePe’s commitment to transparency and accountability while showcasing its approach to delivering innovative financial solutions for India.

Key Highlights of the Annual Report:

Made in India, by Indians, for Indians: The report highlights PhonePe’s India-first ethos and vision. From moving its domicile to India to creating over twenty thousand jobs nationwide, embracing India’s DPI initiatives early, and making industry-leading investments in the Indian internet ecosystem, PhonePe has been committed to driving financial inclusion and digital growth in the country. Looking ahead, PhonePe will continue to deliver homegrown solutions that empower the next generation of digital natives in India.

Building a Great Company: PhonePe aims to create a multi-generational Indian company that employees, customers, partners, and investors are proud of. The foundation of this vision is a strong organizational culture and core values. With an experienced leadership team, marquee investors, and a professional Board of Directors, the company prioritizes long-term sustainable growth, and strong governance and compliance. PhonePe Group runs multiple businesses across financial sectors and is regulated by RBI, SEBI, IRDAI, and UIDAI.

Product Development and Technological Infrastructure: PhonePe is building exceptional products on a strong technological foundation. The report highlights the core platforms driving innovation and outlines PhonePe’s strategy for ensuring tech resilience and scalability in a dynamic market.

Industry Outlook and Financial Performance: The report provides insights into the future of the payments industry, identifying key trends and challenges. It also details PhonePe’s operating and financial performance, including standalone and consolidated financial statements that showcase the company’s growth.

Commenting on the release of the report, Sameer Nigam, Founder and CEO at PhonePe said, “At PhonePe, our goal is to build Internet platforms that empower Indian citizens to improve their lives and achieve their aspirations. We believe continuous innovation is key to shaping a modern, developed economy by India’s 100th anniversary of independence. Free market competition, driven by product innovation and service excellence, is the future. Transparency is central to this, which is why we are proud to release our first annual report. We hope that it will give readers a better understanding of our operating philosophy, culture and governance model, and our business strategy.”

Click here to download the Annual Report.

About PhonePe Group: 

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 570+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 290+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.6+ Trillion. 

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services. 

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