Bengaluru:
Digital payments major PhonePe has strengthened its board with the appointment of Zarin Daruwala, former CEO of Standard Chartered Bank India, as an independent director. The move comes as the Walmart-backed fintech prepares for its highly anticipated public listing.
In a statement confirming the development, a PhonePe spokesperson said, “We are pleased to confirm Zarin Daruwala’s appointment as an independent director to the PhonePe Board. Her decades-long experience in financial services and leadership acumen will be a significant addition to the board.”
Daruwala brings over 30 years of experience in the banking sector. Before her nine-year tenure at Standard Chartered, which ended in March 2025, she spent 26 years at ICICI Bank, where she led the wholesale banking division. She also served on the board of JSW Steel for nearly a decade until 2013.
Her appointment adds to an already diverse board that includes Rohit Bhagat (Non-Executive Chairman), Tarun Bajaj (former Economic Affairs Secretary), Manish Sabharwal (Vice Chairman, Teamlease), Donna Morris (Chief People Officer, Walmart), and Leigh Hopkins (Regional CEO, Walmart). PhonePe co-founders Sameer Nigam (CEO), Rahul Chari (CTO), and Adarsh Nahata (CFO) continue as whole-time directors.
The board expansion follows PhonePe’s recent conversion into a public entity, a procedural milestone ahead of its initial public offering (IPO). The company revealed its IPO intentions in February and is reportedly targeting a valuation of around $15 billion, although detailed timelines and offering specifics remain undisclosed.
PhonePe has maintained its dominant position in India’s UPI ecosystem, holding a 47.5% market share in April 2025 with over 836 crore transactions amounting to ₹12.1 lakh crore in value.
Despite its scale, the company has operated at a loss. In FY24, PhonePe reported a net loss of ₹1,996 crore, a 28% improvement from ₹2,795 crore in FY23. Excluding employee stock option expenses, however, the company claims to have posted a profit after tax of ₹197 crore, a significant turnaround from the ₹738 crore adjusted loss in the previous fiscal. Operating revenues surged 74% to ₹5,064 crore in FY24 from ₹2,914 crore in FY23.
Daruwala’s inclusion on the board is expected to bolster investor confidence and bring seasoned financial oversight as PhonePe enters the next phase of growth.
