PhonePe, India’s leading digital payments platform, has inducted former Standard Chartered India and South Asia CEO Zarin Daruwala to its board, marking a significant move as it advances towards a much-anticipated IPO.
Daruwala, who recently retired after a nine-year stint at Standard Chartered and previously spent 26 years at ICICI Bank, brings over three decades of rich banking and financial services experience to the boardroom. Her appointment, listed on the company’s website, comes amid PhonePe’s ongoing efforts to strengthen governance and leadership ahead of its public listing.
In February, Walmart-backed PhonePe formally announced preparations for an IPO on Indian exchanges. This is a key milestone for the Bengaluru-based fintech giant, which re-domiciled from Singapore to India in December 2022 to facilitate a domestic listing.
Daruwala joins a robust board that includes prominent names such as Manish Sabharwal (TeamLease), Rohit Bhagat (ex-BlackRock), Tarun Chugh (former IAS), along with Walmart executives John David Rainey, Donna Morris, Leigh Hopkins, and PhonePe founders Sameer Nigam and Rahul Chari.
The company recently redesignated key leadership—CEO Nigam, CTO Chari, CFO Adarsh Nahata, and company secretary Ankit Popat—as Key Managerial Personnel (KMP) in line with IPO compliance norms. It also transitioned from “PhonePe Private Limited” to “PhonePe Limited” as part of its public listing process.
With a market share nearing 50% in India’s UPI ecosystem, PhonePe stands as the country’s largest mobile payments provider. It recorded a valuation of approximately $12 billion during its last fundraising round. In contrast, Paytm, with just 6% UPI share but higher revenue streams, holds a market cap of around $6 billion.
PhonePe posted a 73% surge in revenue to ₹5,064 crore in FY24 and turned profitable with ₹197 crore in net profit, reversing a ₹738 crore loss from the previous year.
As the IPO gears up, the induction of seasoned industry leaders like Daruwala signals a mature governance framework and strengthens investor confidence.
