PhonePe signs pact with Small Industries Development Bank of India (SIDBI) to enable digital Udyam Assist registration

Fintech major PhonePe, on September 10, 2025, signed a memorandum of understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to offer an end-to-end digital solution through the Udyam Assist Platform (UAP), aimed at empowering micro enterprises and merchants. The collaboration seeks to formalise Informal Micro Enterprises (IMEs) across India by providing digital-first Udyam Assist registration, enabling access to 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, Mr. Jitan Ram Manjhi.

Pending Chief Executive Officer, PhonePe, Mr. Hemant Gala, said the partnership will unlock access to vital government schemes and credit facilities for micro, small, and medium enterprises (MSMEs), translating the vision of empowering small businesses into a seamless digital experience. Merchants will soon be able to avail of the facility on the PhonePe Business app. Launched in January 2023 by SIDBI under the Ministry of MSME’s Formalisation Project, the UAP facilitates online registration for IMEs. Chief General Manager, Sidbi, Ms. YM Kumari, noted that the platform has been a major driver for formalising non-Goods and Services Tax (GST) registered IMEs, issuing Udyam Assist Certificates to more than 2.75 crore small businesses over the past two years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.