Meet the former Flipsters who founded PhonePe after their startup failed
Payments app, PhonePe, claims nearly 50% market share in UPI payments in India. Here's the amazing story of its founders who launched PhonePe after their first startup failed. When Sameer Nigam and Rahul Chari established Flyte, a music downloading platform, while working at Flipkart in 2012, the seeds of PhonePe were sown. With the acquisition of MIME360, a digital media distribution company created by the couple, Flipkart entered the online music store market in 2011. The initiative, however, did not go as planned, and Flipkart was forced to shut down the firm due to a lack of payment and micro- transaction options. In a previous conversation, Sameer noted, "We were working in the music industry and learnt the hard way that you don't make money in the music sector easily." Sachin and Binny Bansal's aim of establishing and growing the ecommerce platform "by putting customer and technology first" prompted the duo to stay at Flipkart. The duo realized ...