National, November 7th, 2023: PhonePe, today announced that it has crossed 500 million lifetime registered users on its platform. With this milestone, 1 in 3 Indians are now on PhonePe. The company is the first Indian Internet company to have reached this scale globally. This milestone has been achieved in just over 7 years, since the PhonePe UPI payments launched in August, 2016.
Commenting on the milestone, Sameer Nigam, Founder and CEO of PhonePe said, “When we started PhonePe, I had never imagined that we would get to 50 Crore registered users in such a short span of time. It feels almost surreal, Yet, we have achieved only 50% of our vision statement of bringing digital payments to 100 Crore Indians. As we look to the future, we felt that this is also a great time to redesign the org, and elevate some of the key PhonePe executives to take on larger roles in the group. I would like to congratulate them as they take on their new roles, and help build multiple exciting new businesses for PhonePe Group.”
- Hemant Gala has been promoted to the role of CEO for PhonePe’s Lending business. Hemant has been part of the founding team at PhonePe and has worked across multiple businesses over the past 7 years. He was part of the core team at PhonePe building the Payments business from early days and then helped seed the Financial Services businesses in the last few years.
- Vishal Gupta has been promoted to the role of CEO for PhonePe’s Insurance business. At PhonePe, he has been part of the founding team & played multiple leadership roles across product, design, risk, customer-experience to build & scale the payments and merchants business.
- Vivek Locheb has been promoted to the role of CEO for Pincode and will be responsible for scaling the Pincode offering across key cities in India. Previously, Vivek headed the Offline Business at PhonePe, where he was responsible for expanding the company’s offline merchant network and acceptance.
- Ujjwal Jain was recently promoted to the role of CEO of Share.Market and will be heading the company’s Wealth and Broking business. Previously, Ujjwal founded WealthDesk and created a curated research baskets category on broking called WealthBasket to address the challenges faced by the funds and broking industry as a whole.
These executives have played a pivotal role in driving PhonePe’s growth, and in their new roles, they will be responsible for the end-to-end management of these businesses, while also owning the strategy, and growth for their respective verticals.
About PhonePe Group:
PhonePe is India’s leading digital payments company with 50 crore (500 Million) registered users and 3.7+ crore (37+ Million) merchants covering over 99% of the postal codes across India. On the back of its leadership in digital payments, PhonePe has expanded into financial services (Insurance, Mutual Funds, Stock Broking, and Lending) as well as adjacent tech-enabled businesses such as Pincode for hyperlocal shopping and Indus App Store which is India’s first localized App Store. The PhonePe Group is a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their process by unlocking the flow of money and access to services.
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