PhonePe scales up its shopping app to compete with large e-commerce firms
Walmart-owned fintech firm PhonePe is scaling up the operations of its e-commerce platform Pincode as an increasing number of local businesses go online to compete with large online retailers. Pincode, launched in April this year, competes with Flipkart, Amazon, Reliance's JioMart and Tata-owned BigBasket in the e-commerce space, which is forecasted to grow to $350 billion by 2030. Pincode is live in ten cities, including Bengaluru, Mumbai, Delhi, and Chennai, and is planning to expand across Tier-II and Tier-III cities in the country. The initial response and rapid consumer adoption of Pincode have given the team the confidence to expand its services.
"We are experimenting with a couple of smaller cities," said Vivek Lohcheb, chief executive officer of Pincode, in an interv...