Desi-play seems to be the next-generation business strategy for Indian startups; at least, that is what Walmart-backed PhonePe signaled in its 2024 annual business report.
Founded in 2015, the digital payments giant explained that it will continue to create made-for-India products in a nationally spread business ecosystem.
In an age where Indian startups are going global, PhonePe's focus remains on empowering India with the best of the internet's roving technologies, the company claimed further.
Notably, PhonePe's India-first focus has involved an investment of INR 2,800 crores that the company has spent on the development of infrastructure Capex across multiple locations in India.
Taking on Google, Apple & E-comm platforms
The Walmart-backed Indian payments and financial services giant, in a bid to expand its homegrown business empire, launched two subsidiaries, namely: Pincode and IndusApp.
In February, PhonePe took the tech world by storm with the launch of Indus Appstore: in what was percieved as a direct competition for Google and Apple's online application stores.
The company markets it as India's 'first and only indigenous app store'.
"Consumers and app developers should still have a choice in deciding which payment tools they wish to use, and that app stores should not insist on app developers exclusively using their proprietary payment solutions," PhonePe said in its annual report.
Similarly, in 2023, the homegrown startup unveiled 'Pincode', a virtual competitor for e-commerce platforms including Flipkart and Amazon.
PhonePe entered the ecommerce business after its separation from the Flipkart group last year and it was launched as a separate app.
"Pincode’s mission is to help neighborhood stores directly participate in the burgeoning hyperlocal ecommerce market," read PhonePe's annual report.
PhonePe made these revelations in its first-ever annual business report since its inception. The company is supposedly branding itself into India's version of Silicon Valley based next-gen startups.
Financial report
PhonePe reported that it has created over 22,000 jobs across India and employs more than 1,500 of the country’s leading engineers, who are developing advanced technology solutions to propel India’s digital payments revolution.
At its essence, artificial intelligence empowers machines to undertake tasks once thought to require human intellect.
In August, PhonePe announced a revenue of ₹5,064 crore for the fiscal year ending March 2024, representing a remarkable 74% increase from ₹2,914 crore the previous year.
The company also declared its return to profitability, excluding Employee Stock Ownership Plan (ESOP) costs, with an adjusted net profit of ₹197 crore for FY24, marking a significant turnaround from the ₹738 crore loss reported in FY23.
Founded in 2015, the digital payments giant explained that it will continue to create made-for-India products in a nationally spread business ecosystem.
In an age where Indian startups are going global, PhonePe's focus remains on empowering India with the best of the internet's roving technologies, the company claimed further.
Notably, PhonePe's India-first focus has involved an investment of INR 2,800 crores that the company has spent on the development of infrastructure Capex across multiple locations in India.
Taking on Google, Apple & E-comm platforms
The Walmart-backed Indian payments and financial services giant, in a bid to expand its homegrown business empire, launched two subsidiaries, namely: Pincode and IndusApp.
In February, PhonePe took the tech world by storm with the launch of Indus Appstore: in what was percieved as a direct competition for Google and Apple's online application stores.
The company markets it as India's 'first and only indigenous app store'.
"Consumers and app developers should still have a choice in deciding which payment tools they wish to use, and that app stores should not insist on app developers exclusively using their proprietary payment solutions," PhonePe said in its annual report.
Similarly, in 2023, the homegrown startup unveiled 'Pincode', a virtual competitor for e-commerce platforms including Flipkart and Amazon.
PhonePe entered the ecommerce business after its separation from the Flipkart group last year and it was launched as a separate app.
"Pincode’s mission is to help neighborhood stores directly participate in the burgeoning hyperlocal ecommerce market," read PhonePe's annual report.
PhonePe made these revelations in its first-ever annual business report since its inception. The company is supposedly branding itself into India's version of Silicon Valley based next-gen startups.
Financial report
PhonePe reported that it has created over 22,000 jobs across India and employs more than 1,500 of the country’s leading engineers, who are developing advanced technology solutions to propel India’s digital payments revolution.
At its essence, artificial intelligence empowers machines to undertake tasks once thought to require human intellect.
In August, PhonePe announced a revenue of ₹5,064 crore for the fiscal year ending March 2024, representing a remarkable 74% increase from ₹2,914 crore the previous year.
The company also declared its return to profitability, excluding Employee Stock Ownership Plan (ESOP) costs, with an adjusted net profit of ₹197 crore for FY24, marking a significant turnaround from the ₹738 crore loss reported in FY23.
You may also like
Recipe for a Delicious Diwali Feast: A Festive Treat for Your Taste Buds
Coco Gauff and Dominic Thiem have same opinion with heartbreaking Grand Slam comment
Ferrari launches the most powerful car ever
The Importance of Cleaning Your Ears: Why Proper Ear Hygiene Matters
Bigger homes continue to dominate buyers' demand in India: Report
