Home Start-Up PhonePe to hire upto 550 people this year

PhonePe to hire upto 550 people this year

by Economic Times
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BENGALURU: PhonePe will hire up to 550 people this year, as the Flipkart-owned digital payments platform moves to expand business amid expectations of strong growth.

PhonePe, which competes with Google Pay and Paytm to dominate India’s growing digital payments market, has not instituted pay cuts and will start its appraisal process this month.

It will add 20-30% more people to its 1,800-member team. This in contrast to layoffs at many large Internet companies in India.

“Through the last two-three months, we have increased the pace at which we are doing the hiring. As you know, the situation is not good in the ecosystem, so really good individuals are finding themselves losing a job. The available pool in the market looking out is obviously bigger,” said Rahul Chari, co-founder and CTO of PhonePe.

The company is looking to add roles across the board, including engineering, corporate functions, sales, business development, and marketing.

“From day one we have been an engineering-centric company. A lot of what we built, engineering and product were at the core of it. Over the last three years, a lot of product lines have matured. As they mature, other functions start playing an important role – business development, marketing, finance, legal,” Chari said.

PhonePe, which offers payments through the Unified Payments Interface (UPI), has set up mini-digital storefront for 183 brands and sells financial products on the app.

Flipkart pumped a combined $90 million into its marketplace entity and digital payments platform PhonePe, ET reported in April.

The funding and aggressive hiring come at a time when the payments company is up against WhatsApp Pay, which is preparing to go live to a wider set of users with the help of parent Facebook’s partnership with Reliance Jio.

PhonePe is also slowly restructuring the company to make it a flatter organisation, starting with the engineering team, which has about 300 people. That is expected to grow to 500 employees by the end of 2020.

The company believes that a flat organisational structure will take away the focus from “superficial” designations and instead let engineers measure success through expanding ownership and responsibility. Depending on the feedback of a flatter structure in the engineering team, the company may look at a similar approach for other teams.

This PhonePe to hire upto 550 people this year was originally published on https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/phonepe-to-hire-upto-550-people-this-year/articleshow/76207566.cms

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