PhonePe ropes in ex-Meta India policy chief Shivnath Thukral
What's the story
Walmart-owned digital payments platform PhonePe has appointed Shivnath Thukral as its new Vice President for Public Policy and Government Affairs. The move comes as the company prepares for its highly-anticipated public market debut. Thukral, who earlier served as the Public Policy Head at Meta India, will now lead PhonePe's external engagement with policymakers and regulators.
Job description
Thukral to lead strategic initiatives
In his new role, Thukral will be part of PhonePe's leadership team and work closely with the company's founders, Sameer Nigam and Rahul Chari. His main responsibility will be to improve policy engagement and drive strategic initiatives. "We are delighted to have Shivnath join the PhonePe team. He comes with a rich experience and deep understanding of public policy," Nigam said in a statement.
IPO preparations
PhonePe's IPO plans
The appointment of Thukral comes at a crucial time for PhonePe, which transitioned to a public company structure in April in preparation for an initial public offering (IPO). The move was reflected in the filings with the Registrar of Companies (RoC). Back in February, PhonePe had announced its plans to start preparatory work for an IPO on Indian exchanges. The firm has appointed Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as advisers for this process.
Business overview
Financial performance of the company
Bengaluru-based PhonePe is India's biggest digital payments player with a nearly 48% market share in Unified Payments Interface (UPI). In FY24, the company recorded a 73% year-on-year surge in revenue at ₹5,064 crore. Its Profit After Tax (PAT) stood at ₹197 crore against a loss of ₹738 crore in the previous fiscal year.