PhonePe founders donate $1 Mn to alma mater SPIT

Mumbai-based Sardar Patel Institute of Technology (SPIT) celebrated its Annual Alumni Reunion on December 21, 2024, where PhonePe co-founders Sameer Nigam and Rahul Chari announced a $1 million grant for their alma mater. 

The event, held at SP Jain Auditorium, Bhavan’s Campus, marked the 25th anniversary of the 1999 graduating batch. The reunion saw the participation of 300 alumni, including key figures from the tech and business sectors.

The grant aims to boost SPIT’s infrastructure, drive innovation, and nurture an entrepreneurial spirit among students, empowering them to develop impactful solutions. Nigam, CEO of PhonePe, and Chari, CTO, were recognized with the Distinguished Alumni Award for their contributions to India’s fintech landscape and society.

Under their leadership, PhonePe has become one of the leading fintech companies with a $12 billion valuation. The firm also surpassed the Rs 5,000 crore revenue mark in the last fiscal year (FY24).

The institute also presented the SP-Changemakers Awards to honor alumni for their achievements.