Bengaluru-based fintech giant PhonePe has appointed Zarin Daruwala, the former CEO of Standard Chartered India and South Asia, to its board of directors. This strategic move comes as the company intensifies its preparations for a much-anticipated initial public offering (IPO) on Indian stock exchanges.
Zarin Daruwala: A Seasoned Banking Leader
Zarin Daruwala brings over 30 years of rich experience in the banking sector. She led Standard Chartered Bank in India for nine years, stepping down in April 2025. Before that, she spent 26 years at ICICI Bank, holding leadership roles in corporate banking, agri-business, and rural banking. Her expertise is expected to strengthen PhonePe’s governance and financial strategy as it transitions into a public company.
Strengthening the Board for IPO Readiness
Daruwala joins a high-profile board that already includes:
- Manish Sabharwal, founder of Teamlease
- Rohit Bhagat, former BlackRock executive
- Tarun Chugh, ex-IAS officer
- Walmart executives John David Rainey, Donna Morris, and Leigh Hopkins
- PhonePe co-founders Sameer Nigam (CEO) and Rahul Chari (CTO)
This diverse leadership is designed to enhance governance and regulatory compliance, key requirements for a successful IPO.
Key Steps Towards IPO
PhonePe began its IPO preparations in February 2025. Recent steps include:
- Converting from “PhonePe Private Limited” to “PhonePe Limited” in April 2025
- Designating CEO Sameer Nigam, CTO Rahul Chari, CFO Adarsh Nahata, and Company Secretary Ankit Popat as key managerial personnel (KMP) under listing norms
- Appointing top investment banks to manage the IPO process
The IPO is expected to value PhonePe at up to $15 billion (₹1,20,000 crore) and could launch as early as FY26. The offering will likely include both fresh shares and an Offer for Sale (OFS) component.
Market Leadership and Financial Turnaround
PhonePe is India’s largest player in the UPI payments space, handling nearly half of all UPI transactions. As of FY24, it held a 47% market share, outpacing Google Pay and Paytm.
The company posted a strong financial performance in FY24:
- Revenue surged 73% year-on-year to ₹5,064 crore
- Profit after tax reached ₹197 crore, a turnaround from a ₹738 crore loss in FY23
Strategic Moves: Redomicile and Compliance
In December 2022, PhonePe shifted its domicile from Singapore to India, incurring a significant tax liability. This move was essential to comply with Indian regulations and to list on domestic exchanges.