PhonePe folds insurance into payments, Sonika Chandra to lead
Business
PhonePe just rolled its insurance business into its main payments division after Vishal Gupta, who led the insurance team for nearly three years, stepped down to pursue new startups.
Now, Sonika Chandra, the current chief business officer for payments, will take charge of insurance too.
Insurance reached ₹200cr under Vishal Gupta
Under Gupta, PhonePe's insurance arm grew fast, reaching ₹200 crore in FY2025 and making up nearly 12% of revenue by early FY2026.
The company got its broking license in 2021 and has seen other leadership changes this year.
As for the much-anticipated IPO? It's still on pause until market conditions look better.