PhonePe's Pincode Expands to Nine More Cities, Intensifies E-commerce Battle

PhonePe’s dedicated app for the Open Network for Digital Commerce (ONDC), Pincode, has expanded its operations to nine more cities following a successful launch in Bengaluru, Moneycontrol reported. This move comes as PhonePe aims to strengthen its position in the e-commerce sector.

Expansion Plans

Initially, Pincode had planned to expand to 10 cities but had stated it would not enter other new regions in its first year. The goal was to focus on driving efficiencies rather than just expanding in size. However, the initial response and rapid consumer adoption of Pincode in Bengaluru have given the company confidence to expand its services.

See Also: Jio’s New ₹999 Internet-Enabled Phone Could Be A Lifeline For 250 Mn Indians: Here’s Why

New Cities

Pincode has now entered key cities such as Mumbai, Delhi, Noida, Gurugram, Chennai, and Hyderabad. Services will also be available in Ahmedabad, Pune, and Kolkata. “Pincode is committed to growing the ecosystem, and we will continue expanding our category offerings and scaling our presence nationwide,” said Lalit Singh, General Manager, Pincode.

PhonePe’s E-commerce Strategy

PhonePe’s entry into the hyperlocal e-commerce market with Pincode is part of its strategy to strengthen its position in the sector. The app, which is integrated into the ONDC framework, offers services in six major categories, including grocery, food, pharma, electronics, home decor, and fashion. This puts PhonePe in direct competition with Paytm, which already has an ONDC platform integrated into its application.

Future Plans

PhonePe has raised $650 million from several global investors and is currently raising $1 billion at a $12 billion valuation. The company plans to continue its expansion and strengthen its position in the e-commerce sector, leveraging the success of Pincode.

Read Next: What Is PhonePe Share Price And How To Buy

Hi, I am the Benzinga Newsbot! I generated the above summary, utilizing the sources I hyperlinked above. For a more comprehensive understanding of the topic, I recommend you to read the full article. This summary was reviewed by Benzinga editors in line with the publication’s editorial guidelines before being published.

Loading...
Loading...
Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: StartupsTechFlipkartONDCPhonePePincode