Tag: MSME support

TechPulse

10 Years of PhonePe: A Decade of Building for Bharat

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

PhonePe recently marked a significant milestone, completing ten years in India’s fintech ecosystem and celebrating a decade of innovation, growth and impact. Since its inception, the company has played a pivotal role in transforming the way India transacts and manages money, steadily expanding financial access across urban and rural Bharat alike.

In 2025, PhonePe crossed a major milestone by surpassing 600 million registered users, reinforcing its position as a cornerstone of India’s digital economy. The year focused strongly on deepening trust and improving accessibility with the introduction of features such as UPI Circle, which enables delegated payments for trusted contacts, and PhonePe Protect, a robust security framework designed to safeguard users against fraudulent transactions.

Strengthening its support for merchants, PhonePe introduced Made-in-India solutions like the SmartSpeaker and SmartPOD, helping small and medium businesses embrace digital payments with ease. Through the Udyam Assist initiative, launched in partnership with SIDBI, PhonePe became one of the first institutions to enable digital-first integration for MSMEs, streamlining their access to formal credit and financial services.

For consumers, the platform expanded beyond payments by launching affordable protection products such as Home Insurance and Health Insurance, aimed at India’s “Missing Middle.” PhonePe also unlocked liquidity through innovative lending solutions, including Loan Against Mutual Funds, ensuring essential financial services are accessible to a wider population.

Reflecting on the journey, Sameer Nigam, Founder and CEO of PhonePe, said that despite how far the company has come, the most exciting part is that the summit is still not in sight. He highlighted the passion of the teams behind PhonePe and noted that the journey continues to be meaningful and energising as the company builds for the future.

Rahul Chari, Founder and CTO, expressed pride in what PhonePe has built over the past decade, acknowledging the goodwill and support received from the industry and the wider ecosystem. He emphasised that building something people truly believe in is what turns an idea into real impact.

Over the years, PhonePe has consistently redefined the Indian fintech landscape through industry-first innovations. From Digital Gold and Mutual Funds to making Insurance and Stock Broking accessible to the masses, the platform has evolved into a comprehensive financial ecosystem. Key milestones include the PhonePe Business app for merchants, Merchant Lending, Credit Line on UPI, Cross-Border UPI, UPI Lite, and the 2024 launch of the Indus Appstore, Share.Market and secured lending platforms.

By relocating its domicile to India in 2022 and steadily expanding into credit and wealth management, PhonePe has moved beyond being a payments utility to becoming an integral part of India’s financial fabric, ensuring that access to protection, investment and credit continues to reach every citizen as it builds for Bharat.

Human Interest

Fifth Fast Patrol Vessel ‘Achal’ Launched by Goa Shipyard Ltd for Indian Coast Guard

allycaralgoa

Goa | June 2025 — In a significant stride toward bolstering India’s coastal defense capabilities, Goa Shipyard Ltd (GSL) successfully launched the fifth Fast Patrol Vessel (FPV) named ‘Achal’ for the Indian Coast Guard. The ceremonial launch took place at the shipyard’s facility in Goa and was graced by Mrs. Kavita Harbola, who performed the traditional naming and launching rites. The event was held in the presence of Additional Director General Anil Kumar Harbola, Indian Coast Guard.

The Achal is part of an advanced fleet of eight FPVs being constructed by GSL under a contract awarded by the Ministry of Defence. These high-speed vessels are designed for coastal surveillance, anti-smuggling operations, search and rescue (SAR), and exclusive economic zone (EEZ) patrolling.

Each vessel is equipped with cutting-edge navigation and communication systems, fast interception capability, and state-of-the-art onboard facilities, enabling rapid response to emerging maritime threats.

  • 🔧 Total Project Cost: ₹473 crore
  • 🏭 Make in India Boost: Built entirely in India, the project supports local industry and aligns with the government’s Atmanirbhar Bharat (self-reliant India) mission.
  • 👷‍♂️ Employment Generation: The construction has created hundreds of skilled and semi-skilled jobs and engaged over 200 MSMEs across India in the supply of equipment and services.
  • 🚢 Sustainable Engineering: The vessels follow eco-friendly design principles and adhere to international maritime safety norms.

A GSL spokesperson remarked,

“The launch of Achal marks a proud milestone in our longstanding partnership with the Indian Coast Guard. With each vessel we deliver, we reaffirm our commitment to national security, indigenous manufacturing, and maritime innovation.”

With Achal now successfully launched, outfitting and sea trials will proceed before the vessel is formally inducted into the Indian Coast Guard. The remaining three ships in the series are progressing on schedule, with deliveries expected over the next 12–18 months.

The Indian Coast Guard’s growing fleet of indigenous patrol vessels significantly enhances its ability to protect India’s 7,500 km coastline and offshore assets, ensuring peace and security in the region.