PhonePe explores investing in foundational AI projects, Sameer Nigam says
PhonePe, the digital payments giant you probably use all the time, is looking at investing in some foundational AI tech.
CEO and co-founder Sameer Nigam shared at a recent startup event that they're exploring different ways to back new AI projects, including whether to incubate them at PhonePe or through PhonePe, with more detailed plans coming by 2027.
PhonePe holds over 45% UPI share
PhonePe isn't just talking innovation. They already own more than 45% of India's UPI market, handling a whopping close to 12 billion transactions each month.
Backed by Walmart and aiming for a $10 to $12 billion valuation, they're planning to go public by the end of this fiscal year.
Nigam also pointed out how much easier it is for startups to grow now compared to Flipkart's early days, thanks to India's booming tech scene.