PhonePe announces acquisition of GigIndia

Digital payments platform PhonePe on Monday announced that it has acquired GigIndia, a network for freelance micro-entrepreneurs.

As part of the acquisition, GigIndia, which has 1.5 million entrepreneurs and over 100 enterprises as customers, will integrate with PhonePe, the company said in a statement.

It did not divulge the size of the buyout.PhonePe would leverage GigIndia's network of freelance micro-entrepreneurs to help corporates and enterprises acquire more customers and scale up their distribution channels.

The acquisition will also strengthen PhonePe's offerings and value proposition to its corporate and enterprise partners.

According to some estimates, India's freelance community space is projected to grow to USD 20-30 billion by 2025, the release said.

Commenting on the acquisition, Vivek Lohcheb, Head of Offline Business at PhonePe said, "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.

"Sahil Sharma, CEO at GigIndia, said PhonePe is a leader in the digital payments space, and added "we are delighted to be joining forces with them"."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," he added.