PhonePe and SIDBI Partner to Enable Digital-First Udyam Registration through Udyam Assist Platform

On Wednesday, in a significant step towards accelerating the formalisation of India’s micro and small businesses, PhonePe, in collaboration with the Small Industries Development Bank of India (SIDBI), launched digital-first Udyam generation through the Udyam Assist Platform (UAP). The initiative was unveiled in the presence of Union Minister for Micro, Small and Medium Enterprises, Shri Jitan Ram Manjhi, along with Ms. Y.M. Kumari, Chief General Manager, SIDBI.

The Udyam Assist Platform, developed and implemented by SIDBI as part of the Ministry of MSME’s formalisation drive, enables Informal Micro Enterprises (IMEs) to register seamlessly and obtain a Udyam Registration Number (URN) and Udyam Assist Certificate. This initiative empowers micro entrepreneurs by providing them with a formal business identity, thereby unlocking access to:

• Government schemes and tax benefits

• Business bank accounts

• The digital payments ecosystem

• A wider range of financial services and credit facilities

Speaking at the launch, Mr. Hemant Gala, CEO, PhonePe Lending, said:
“This partnership marks a pivotal moment for Digital India and millions of small entrepreneurs across the country. By integrating with the Udyam Assist Platform, we are not just facilitating registration but also ensuring that micro and small businesses gain access to government schemes, credit facilities, and essential benefits that will accelerate their growth journey.”

Adding to this, Mr. Sameer Nigam, CEO, PhonePe, emphasized the larger vision:
“Our mission is to formalise and empower India’s micro enterprises by making it simple and digital-first. This will give entrepreneurs better access to credit and help them leverage the benefits of existing schemes in an easy, transparent manner.”

Highlighting SIDBI’s role, Ms. Y.M. Kumari, Chief General Manager, SIDBI, said:
“The Udyam Assist Platform has already facilitated the issuance of more than 2.75 crore Udyam Assist Certificates to small businesses over the past two years. With seamless digital integration, this initiative will further accelerate the formalisation of non-GST registered informal micro enterprises, easing credit flow and enabling them to become part of the mainstream economy.”

The launch of digital-first Udyam registration through PhonePe marks an important milestone in the Ministry’s ongoing efforts to bring informal enterprises into the formal economy. By leveraging technology and collaboration, this initiative will strengthen the MSME sector and contribute significantly to India’s economic growth and vision of an Atmanirbhar Bharat.