Digital payment platform PhonePe on Monday announced the acquisition of GigIndia, a B2B marketplace for performing on-demand work for self-employed micro-entrepreneurs. As part of the acquisition, GigIndia, which has 1.5 million entrepreneurs and more than 100 enterprise customers, will integrate with PhonePe, the company said in a statement.
Through this acquisition, PhonePe will leverage GigIndia’s network of self-employed micro-entrepreneurs to help businesses and enterprises acquire more customers and expand their distribution channels. “This acquisition will also strengthen PhonePe’s offerings and value proposition to its partner companies and result in the creation of millions of opportunities for individual self-employed micro-entrepreneurs in India,” the fintech company added.
According to reports, India’s independent community is expected 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 skilled and high-quality freelance micro-entrepreneurs. We look forward to working in close collaboration with them.
Sahil Sharma, CEO of GigIndia added, “PhonePe is a leader in digital payments, and we are delighted to partner with them. GigIndia has been a trusted partner to fast growing businesses 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 outlets across India currently. Using PhonePe, users can send and receive money, top up mobile, DTH, pay in stores, make utility payments and also buy and invest in gold and silver .