Overview
- PhonePe appointed Zarin Daruwala, former Standard Chartered India CEO, to its board to strengthen oversight during IPO preparations.
- Daruwala brings 35 years of banking experience, including leading wholesale banking at ICICI Bank and nine years at Standard Chartered.
- The company converted to PhonePe Limited in April after redomiciling from Singapore to India in December 2022 as a step toward listing.
- In FY24, PhonePe’s revenue rose 73% to ₹5,064 crore and it reported an adjusted profit after tax of ₹197 crore excluding ESOP costs.
- With nearly half of India’s UPI transactions and a $12 billion private valuation, PhonePe’s planned IPO is poised to be one of the year’s largest.