PhonePe appoints former chief executive officer of Standard Chartered Bank Zarin Daruwala

IPO-bound PhonePe has appointed former chief executive officer of Standard Chartered Bank Zarin Daruwala to its board.

With over three decades of banking experience, she retired from Standard Chartered in April, after serving as the CEO for nine years. Before that, she was with ICICI Bank for 26 years.

This comes at a time when the company in Feburary announced that it has started preparatory steps for its potential IPO and plans to list on Indian exchanges.

PhonePe’s board of directors include Teamlease founder Manish Sabharwal, former Blackrock executive Rohit Bhagat, former IAS officer Tarun Chugh, Walmart executives John David Rainey, Donna Morris, and Leigh Hopkins, and PhonePe founders Sameer Nigam and Rahul Chari, as board members.

In December 2022, PhonePe redomiciled from Singapore to India, and coughed up almost ₹8,000 crore in taxes. It is the country’s largest mobile payment company, with close to 50 per cent market share

Walmart-backed PhonePe narrowed its net loss by 29 per cent to ₹1,996 crore in FY24 from ₹2,795 crore in FY23. The improved financial performance was backed by a 74 per cent growth in operating revenue to ₹5,064 crore in FY24, from ₹2,914 crore a year ago.

The company had posted an adjusted net profit of ₹197 crore in the last financial year, excluding costs towards employee stock ownership plans (ESOPs), highlighting that its core operational business has started to turn profitable.

Published on June 6, 2025