PhonePe acquires micro-entrepreneur platform GigIndia

Digital payments platform PhonePe on Monday announced its acquisition of GigIndia, a B2B marketplace for on-demand work completion for freelance micro-entrepreneurs. As a part of the acquisition, GigIndia, which has 1.5 million entrepreneurs, and over 100 enterprises as customers, will integrate with PhonePe, the company said in a statement.

Via the acquisition, PhonePe will leverage GigIndia's network of freelance micro-entrepreneurs to help corporates and enterprises acquire more customers and scale up their distribution channels. "This acquisition will also strengthen PhonePe’s offerings and value proposition to its enterprise partners and result in the creation of millions of opportunities for individual freelance micro-entrepreneurs in India," the fintech company further stated.

According to reports, India’s freelance community is projected to grow to $20-30 billion by 2025.

Speaking on the acquisition Vivek Lohcheb, Head of Offline Business at PhonePe said, “GigIndia has already served many businesses, with its pool of high-quality, skilled freelance micro-entrepreneurs. We are looking forward to working closely with them.”

Sahil Sharma, CEO at GigIndia added,” PhonePe is a leader in the digital payments space, and we are delighted to be joining forces with them. GigIndia has been a trusted partner for fast-growing enterprises across India and in PhonePe we have found a like-minded partner, who supports our vision.’’

PhonePe's platform has over 365 million registered users and is also accepted at over 27 million merchant outlets across India currently. Using PhonePe, users can send and receive money, recharge mobile, DTH, pay at stores, make utility payments and also buy and invest in gold and silver.