A lot of things changed with the dawn of the new normal following the coronavirus outbreak, but for the fintech industry, things turned around quickly.
Bengaluru-based fintech startup PhonePe pivoted rapidly and announced work-from-home even before the nationwide lockdown. Other employee initiatives, from ESOPs to fun team collaborations were also brought about as the company went about “reorganising the workplace”. The digital payments provider also recognised the behavioural shift in fintech from person-to-person to merchant-led digital payments. It went on to add several new functionalities to its platform.
Speaking at YourStory’s recent Future of Work conference, PhonePe Co-founder and CTO Rahul Chari said that fintech leader’s key takeaways from the pandemic is that there is more to gain from rapidly investing across the urban and rural user base, than taking a linear approach to business.
With employees in organisations across the globe experiencing pandemic fatigue and deteriorating mental health, PhonePe moved quickly to conduct virtual sessions to keep its workforce engaged and introduced ‘Do Not Work From Home’ days to help maintain their work-life balance.
Manmeet Sandhu, Chief People Officer at PhonePe, said at the Future of Work event that the company is also focused on creating a diverse and inclusive work culture. PhonePe places a high premium on the openness of thought, collaboration, and holistic approach to work, she said.
COVID-19 brought about a quick change in consumer behaviour and new trends emerged due to rapid digitisation. Varun Alagh, Co-founder, MamaEarth says that the startup reached positive unit economics riding on organic and direct traction through D2C channels. The impact of the pandemic has largely been positive, he adds, with 90 percent of MamaEarth’s businesses coming from new users in Tier-II and III towns.
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