PhonePe’s Billion-Dollar Year: A War Chest To Fight Super App Wars

PhonePe’s Billion-Dollar Year: A War Chest To Fight Super App Wars

SUMMARY

PhonePe built a war chest in early 2023 and soon after came a flurry of new products that have changed the company considerably

The Bengaluru-based fintech giant has the capital, the key personnel and the burgeoning product line-up to bank on in the super app battle against fellow giants

For PhonePe, 2024 will be about not just proving its thesis around the platform play, but also utilising its deep pockets to grow sustainably and show profits by the end of the year

It’s been a tale of two halves for PhonePe in 2023. But now at the end of the year, it would seem the stage is set for the fintech giant’s biggest onslaught so far.“PhonePe is living up to its name. It wants to be everything on your smartphone, from the app store to financial services to digital commerce and more. The Indian market is fast maturing and this is perhaps the best time for a super app or platform play,” says the founder quoted above.“The Indian market has seen a lot of maturity in 2023. The most active and habituated fintech customers have become familiar with digital-first financial services, and we believe the opportunity is rich for platforms to accelerate the process of unlocking the flow of money and access to services,” the company spokesperson said.

If the first half of the year was all about getting armed for the battle with nearly $1 Bn in funding, the rest of it was about showing what it plans to do with all that money, with several new products ranging from lending to insurance to app development and digital commerce.

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