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Digital payments platform PhonePe has acquired freelance micro-entrepreneur platform GigIndia for an undisclosed amount, according to an official statement.
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.
PhonePe said it will also 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 $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
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.
(With inputs from PTI)
