PhonePe, SIDBI Roll Out Digital-First Udyam Assist Platform To Simplify MSME Registration

New Delhi, Sep 11 (KNN) In a move aimed at accelerating the formalisation of micro, small, and medium enterprises (MSMEs), fintech platform PhonePe on Wednesday, in partnership with the Small Industries Development Bank of India (SIDBI), launched digital-first Udyam registration through the Udyam Assist Platform (UAP). 

The initiative seeks to provide informal micro enterprises (IMEs) with a formal business identity, unlocking access to government schemes, tax benefits, business banking, and digital payment solutions.

The launch event was attended by Union Minister for MSMEs, Jitan Ram Manjhi, and Y.M. Kumari, Chief General Manager, SIDBI. 

The Udyam Assist Platform, developed under the Ministry of MSME’s formalisation project, facilitates online registration for informal micro enterprises, enabling the generation of Udyam Registration Numbers and Udyam Assist Certificates. 

The platform has already issued certificates to over 2.75 crore small businesses in the past two years, driving integration of IMEs into the formal economy.

Hemant Gala, CEO, PhonePe Lending, described the collaboration as a milestone for Digital India, highlighting that the partnership will grant MSMEs access to government schemes, credit facilities, and other benefits. 

“Through PhonePe’s user-friendly, end-to-end digital solution, we are translating the vision of empowering small and micro businesses into a seamless digital reality,” he said.

Sameer Nigam, CEO, PhonePe, emphasised the platform’s role in enabling micro enterprises to access formal credit and additional benefits in a simplified manner. 

Y.M. Kumari added that the digital integration with designated agencies will further accelerate formalisation, strengthen credit flows, and support MSMEs’ inclusion into the mainstream economy.

The Udyam Assist Platform is part of broader government efforts to strengthen the formal MSME ecosystem, promoting financial inclusion, digital adoption, and easier access to support mechanisms for small businesses across India.

(KNN Bureau)