PhonePe Launches Digital-First Udyam Assist Registration

PhonePe, yesterday announced the launch of digital-first Udyam generation through the Udyam Assist Platform (UAP), at an event in Delhi.

The launch was graced by the Union Minister for Micro, Small and Medium Enterprises, Shri Jitan Ram Manjhi, in presence of Smt. Y.M. Kumari, Chief General Manager, Small Industries Development Bank of India (SIDBI). This makes PhonePe the first Fintech to offer an end-to-end digital solution directly to its merchants, contrasting with the traditional Udyam certificate issuance used by most other platforms.

Mr. Hemant Gala, CEO, PhonePe Lending, added, “PhonePe has always been at the forefront of enabling digital financial inclusion. Today marks a pivotal moment for Digital India and millions of small entrepreneurs across our nation. We are deeply honored to be one of the first institutions to deliver a complete digital-first integration with the Udyam Assist Platform. Our partnership with SIDBI will unlock access to government schemes, credit facilities, and crucial benefits for MSMEs and will help contribute to India's economic vision. Through PhonePe’s user-friendly and efficient, end-to-end digital solution, we're not just facilitating registration– we are translating the vision of empowering small and micro businesses into a seamless digital reality.”

Smt. Y.M. Kumari, Chief General Manager, Small Industries Development Bank of India (SIDBI) said, “Udyam Assist Platform has emerged as a major driver for the formalization of non-GST registered Informal Micro Enterprises. The platform enabled issue of Udyam Assist Certificates to more than 2.75 crore small businesses, over a period of more than 2 years. Seamless digital integration with the designated agencies marks another important positive step in the formalization journey. This initiative will further accelerate the formalization of informal micro-businesses into the mainstream economy as well as ease out and enhance credit flow to these entities.”