PhonePe Plans Rs 800 Cr in Marketing This Year
Payments platform PhonePe has lined up Rs 800 crore of marketing plans as the payments battle heats up with SoftBank and Alibaba-backed Paytm, Amazon Pay and Google Pay.
Sameer Nigam, co-founder and CEO, PhonePe, said the company will also re-position its branding beyond just being a payments player as it launches a suit of financial services products on its platform.
While the company appointed actor Aamir Khan as its brand ambassador last year, the company has now also roped in actor Alia Bhatt as well, betting big on Bollywood and Cricket in India. The company is also the co-presenting sponsor for the television broadcast of Indian Premier League (IPL) this year.
For PhonePe, this annual marketing and promotional budget comes on top of the Rs 500 crore it spent last year to take its core payments product to non-metro markets. The Bengaluru-based company claims to have about 10 million merchants on its platform with close to 75 million monthly active users. It has 185 million registered users.
“This time, the messaging will also focus on our new financial services products like liquid funds, travel insurance and our Switch platform (a super app like platform where one can access various third-party apps within the PhonePe app without having to install them),” said Nigam.
PhonePe’s aggressive marketing plans come at a time when the above-mentioned consumer-focused payments companies spent over $1 billion to promote and incentivise e-payments. The Bengaluru-based PhonePe is also in talks with new and existing investors to raise new capital.