Walmart-owned fintech firm PhonePe said that it has acquired GigIndia, the country’s leading network for freelance micro-entrepreneurs. As a part of the acquisition, GigIndia which has 1.5 million entrepreneurs, and over 100 enterprises as customers, will integrate with PhonePe. The companies did not reveal the value of the transaction. GigIndia has about 100 employees and they will join PhonePe.
PhonePe will leverage GigIndia’s network of freelance microentrepreneurs to help corporates and enterprises acquire more customers and scale up their distribution channels. This acquisition will also strengthen PhonePe’s offerings and value proposition to its enterprise partners and result in the creation of millions of opportunities for individual freelance micro-entrepreneurs in India. According to reports, India’s freelance community is projected to grow to $20-30 billion by 2025.
“We are excited to welcome GigIndia’s team to PhonePe and leverage their domain expertise to offer value-added services to our enterprise partners, helping them scale, expand and grow their businesses,” said Vivek Lohcheb, head of offline business at PhonePe. “GigIndia has already served many businesses, with its pool of high-quality, skilled freelance micro-entrepreneurs. We are looking forward to working closely with them.”
Sahil Sharma, CEO at GigIndia said PhonePe is a leader in the digital payments space. “We are delighted to be joining forces with them,” said Sharma. “GigIndia has been a trusted partner for fast-growing enterprises across India and in PhonePe we have found a like-minded partner, who supports our vision.’’
Aditya Shirole, COO at GigIndia, his firm has been playing a pivotal role in transforming the way businesses are collaborating with the intent of empowering freelance micro-entrepreneurs with readily available opportunities. “PhonePe’s vision and values strongly resonate with our ethos of innovation. We are looking forward to working closely with the PhonePe team.”