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4w ago

PhonePe Names Zarin Daruwala to Board as It Readies 2025 IPO

The fintech giant is bolstering its leadership team to tighten governance ahead of a planned public listing.

PhonePe appoints former Standard Chartered India's CEO Zarin Daruwala as its new board memeber. | Image: PhonePe

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.