October 21, 2024 (Yes Punjab News)
PhonePe, announced the release of its inaugural annual report today, providing a comprehensive overview of the company’s vision, strategy, governance, and financial performance. The report highlights PhonePe’s commitment to transparency and accountability while showcasing its approach to delivering innovative financial solutions for India.
PhonePe has always been India-first in its focus and ethos and is domiciled in India, with 100% operational control based in India. Since inception, PhonePe has generated 22,000+ jobs across India and employs 1,500+ of the country’s finest engineers who are building world-class technology solutions to power India’s digital payments revolution.
The company has invested over INR 2,800 Crore in infrastructure CapEx (e.g., servers, data centers) across multiple locations in India and the entire Payments technology stack runs exclusively on local data centers and resides only in India.
The report further stated that the company remains an early adopter of most of India’s DPI initiatives, being amongst the largest players in the UPI, Bharat Bill Pay Systems, Account Aggregator, ONDC and other such Made in India DPI ecosystem.
PhonePe has also made several industry-leading investments with a focus on product innovation and fostering free market competition in the Indian consumer Internet economy – best exemplified by the launch of the Indus Appstore, India’s first Android app store.
Commenting on the release of the report, Sameer Nigam, CEO and Founder PhonePe said, “At PhonePe, our goal is to build Internet platforms that empower Indian citizens to improve their lives and achieve their aspirations. We believe continuous innovation is key to shaping a modern, developed economy by India’s 100th anniversary of independence.
Free market competition, driven by product innovation and service excellence, is the future. Transparency is central to this, which is why we are proud to release our first annual report. We hope that it will give readers a better understanding of our operating philosophy, culture and governance model, and our business strategy.”
Moving forward, PhonePe will continue to create homegrown solutions that enable the ambitions and aspirations of India’s next generation of digital natives.
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