NEW DELHI: Fintech giant PhonePe on Wednesday signed a memorandum of understanding (MoU) with SIDBI to provide a comprehensive digital solution for micro enterprises and merchants through the Udyam Assist Platform (UAP).
The partnership aims to formalize Informal Micro Enterprises (IMEs) across India by offering digital-first Udyam Assist registration. This enables businesses to access benefits such as government schemes, credit facilities, and the broader digital payments ecosystem.
The MoU was signed in the presence of Union Minister for Micro, Small and Medium Enterprises, Jitan Ram Manjhi.
“Our collaboration with SIDBI will unlock access to government schemes, credit facilities, and key benefits for MSMEs, supporting India’s economic vision. Through PhonePe’s user-friendly, end-to-end digital solution, we are not only facilitating registration but also turning the goal of empowering small and micro businesses into a seamless digital experience,” said PhonePe CEO Hemant Gala.
Merchants will soon be able to access the service via the PhonePe Business app.
Launched in January 2023 under the Ministry of MSME’s Formalisation Project, the Udyam Assist Platform (UAP) simplifies online registration for IMEs. YM Kumari, Chief General Manager of SIDBI, noted that the platform has become a major driver in formalizing non-GST registered informal micro enterprises.
Over the past two years, UAP has issued Udyam Assist Certificates to more than 2.75 crore small businesses.
