PhonePe partners with SIDBI, rolls out digital-first Udyam assist registration to simplify MSME onboarding

Fintech platform PhonePe on Wednesday, in collaboration with SIDBI, launched digital-first Udyam generation through the Udyam Assist Platform (UAP), aimed at empowering micro, small, and medium-sized enterprises (MSMEs) in the country by accelerating formalisation.

By providing micro merchants with a formal business identity, this initiative allows informal micro enterprises (IMEs) to unlock a wide range of benefits, such as access to government schemes and tax benefits, the ability to open business bank accounts, and access to the digital payment ecosystem and financial services.

Present at the launch was Union Minister for Micro, Small and Medium Enterprises, Jitan Ram Manjhi, along with Y.M. Kumari, Chief General Manager, Small Industries Development Bank of India (SIDBI).


The Udyam Assist Platform (UAP), developed and implemented by SIDBI as part of the Ministry of MSME’s formalisation project, facilitates registration of informal micro enterprises through the assist process for generation of Udyam Registration Numbers and Udyam Assist Certificates. UAP allows IMEs to register online with designated agencies, representing a stride by the ministry towards formalising micro-enterprises nationwide.

Hemant Gala, CEO, PhonePe Lending, said, “Today marks a pivotal moment for Digital India and millions of small entrepreneurs across our nation. We are deeply honoured 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.”

Sameer Nigam, CEO, PhonePe, said, “We have to actually give the micro enterprises a chance to get more formal credit, more than double the benefits from the scheme that are already there. But in an easy manner. Our mission is to formalise and liberate the progress of every Indian; 100 crore Indians should be able to get the best of all services.”

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 formalisation of non-GST registered Informal Micro Enterprises. The platform enabled the 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 formalisation journey. This initiative will further accelerate the formalisation of informal micro-businesses into the mainstream economy as well as ease out and enhance credit flow to these entities.”