- Fintech
- 2 min read
The strategic moves made in 2023, coupled with the diverse product portfolio, reflect the company's commitment to evolving into a comprehensive platform.
- Published On Dec 19, 2023 at 08:00 AM IST
Read by: 100 Industry Professionals
Read by 100 Industry Professionals
As 2023 draws to a close, PhonePe, one of India's leading fintech giants, is gearing up for an ambitious year ahead with strategic plans and product expansions in its arsenal. Following a year marked by substantial funding and the introduction of diverse offerings, the company is poised for a transformative 2024.
After securing nearly 10 per cent of the total funding raised by Indian startups in 2023, PhonePe stands as a significant player in the market. The company's separation from Flipkart and redomiciling to India in late 2022, accompanied by an INR 8,000 Cr tax outlay, set the stage for its future plans. With a substantial war chest of $850 Mn, PhonePe rolled out various products, including Pincode, an ONDC-integrated digital commerce app, merchant lending services, a new point-of-sale device, income tax payments, health insurance products, Share.Market for investments and stock broking, and the formal launch of the Indus Appstore.
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The launch of the Indus Appstore, an alternative to Google Play on Android, positions PhonePe as more than just a fintech platform. With a user base of 500 Mn lifetime registered users and 37 Mn+ merchants, the company is ready to explore new revenue streams beyond its core fintech services. The app store, offering a zero-commission policy and available in 12 Indian languages, presents a competitive advantage against global players like Google and Apple.
The year ahead
PhonePe is preparing for a potential initial public offering (IPO) in 2024-2025. The strategic moves made in 2023, coupled with the diverse product portfolio, reflect the company's commitment to evolving into a comprehensive platform. The expansion into ecommerce, investment tech, and the app store indicates PhonePe's ambition to become an integral part of users' smartphone experiences.
The year 2024 is expected to be pivotal for PhonePe as it aims to leverage its deep pockets and diverse product offerings to achieve sustainable growth. With an eye on potential profitability by the end of the year, PhonePe faces the challenge of proving the success of its platform play strategy in a competitive market. As the company continues to innovate and expand, it remains a key player to watch in India's evolving tech landscape.
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- By ETBFSI Research ,
- ETBFSI
- Published On Dec 19, 2023 at 08:00 AM IST
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