PhonePe, India’s largest digital payments platform, has announced the acquisition of GigIndia, the country’s largest network for independent micro-entrepreneurs. GigIndia, which has 1.5 million entrepreneurs and over 100 businesses as customers, would merge with PhonePe as part of the deal.
PhonePe will use GigIndia’s network of freelancing microentrepreneurs to assist corporations and businesses in expanding their customer bases and distribution channels. PhonePe’s offerings and value proposition to enterprise partners will be strengthened as a result of this acquisition, and millions of opportunities for individual freelance micro-entrepreneurs in India would be created. India’s freelance community is expected to expand to $20-30 billion by 2025, according to projections.
In relation to the purchase, “We are delighted to welcome GigIndia’s team to PhonePe and leverage their domain experience to deliver value added services to our enterprise clients, enabling them scale, expand, and build their businesses,” said Vivek Lohcheb, Head of Offline Business at PhonePe. With its pool of high-quality, skilled freelancing micro-entrepreneurs, GigIndia has already helped a number of enterprises. We’re looking forward to collaborating with them.”
“PhonePe is a leader in the digital payments market, and we are happy to be teaming forces with them,” said Sahil Sharma, CEO of GigIndia. GigIndia has long been a trusted partner for India’s fast-growing businesses, and in PhonePe, we’ve discovered a like-minded partner who shares our goals.”