PhonePe Cofounders Announce $1 Mn Grant For Alma Mater SPIT To Drive Innovation

PhonePe cofounders Sameer Nigam and Rahul Chari have announced a $1 Mn grant for their alma mater Sardar Patel Institute of Technology (SPIT).

This was during the Mumbai-based SPIT’s 25 years of celebration of its 1999 graduating cohort, according to a statement.

The grant will boost infrastructure, foster innovation, and cultivate an entrepreneurial mindset among students, empowering them to develop cutting-edge solutions and drive impactful ventures, it added.

Nigam and Chari are alumni of the 1999 batch at SPIT. As per Chari, he was among the first batch of computer engineering at the technology institute. 

“It was here that my cofounder Nigam and I truly began our entrepreneurial journey with the office for our first venture located within the institute itself. The strong fundamentals I built at SPIT and the invaluable lessons from the exceptional faculty and the peers I studied alongside have been instrumental in shaping my ability to build PhonePe,” Chari said.

“SPIT stands by the mantra, ‘Students First, Alumni Always,’ as we strive to become Maharashtra’s top engineering institute by 2030. While one in ten achieves success and one in a hundred achieves greatness, only one in a million becomes a donor. We are deeply grateful to Chari and Nigam for their $1 Mn grant, a transformative step that will catalyse the growth of our college and students,”  B N Chaudhari, principal of SPIT said. 

Founded in 2015, PhonePe is a fintech startup which offers digital payment solutions and other financial services like insurance, lending and wealth creation and consumer tech services. 

In November, PhonePe’s quick commerce arm Pincode piloted its 20 minute delivery offering in parts of Bengaluru, Delhi NCR, Mumbai, Pune, Hyderabad and Varanasi under which it delivers groceries and other products in 10-20 minutes.

In the financial year 2023-24 (FY24), PhonePe’s consolidated net loss narrowed by 28% to INR 1,996 Cr from INR 2,795 Cr loss it posted a year ago, helped by a boost in its topline and cost efficiency. Its operating revenue zoomed almost 74% to INR 5,064 Cr in FY24 from INR 2,914 Cr a year ago.