PhonePe Appoints Ex-Standard Chartered CEO To Board

In the run up to its public listing, fintech giant PhonePe has appointed former Standard Chartered Bank CEO Zarin Daruwala as an independent director to its board. 

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 distinguished career spanning decades in the financial services sector and demonstrated leadership will be a valuable asset to our board.”

Daruwala, who stepped down from Standard Chartered in March 2025 after a nine-year stint, brings over 30 years of experience in the banking sector. Before this, Daruwala spent 26 years at ICICI Bank, where she rose to the role of president of wholesale banking vertical. She also served on the board of JSW Steel for eight years, until 2013.

Daruwala joins PhonePe’s board alongside non-executive chairman Rohit Bhagat, former economic affairs secretary Tarun Bajaj, Teamlease vice chairman Manish Sabharwal, Walmart’s chief people officer Donna Morris, and Walmart’s regional CEO Leigh Hopkins. Founder Sameer Nigam, CTO Rahul Chari, and CFO Adarsh Nahata continue as whole-time directors.

Daruwala’s appointment comes shortly after PhonePe converted into a public company, a key step in its journey towards listing. The company first announced its IPO plans in February and is reportedly aiming for a valuation of around $15 Bn, though exact details of the IPO are yet to be disclosed.

While announcing its listing plans in February, PhonePe said its robust corporate structure and leadership made 2025 the right time to go public.

Not to mention, the startup has maintained a strong leadership in the UPI market over the past few years. In April, PhonePe controlled about 47.5% of the total UPI market, processing over 836 Cr transactions worth INR 12.1 Lakh Cr. 

Despite its scale, PhonePe remains a loss-making entity. The startup’s losses in FY24 stood at INR 1,996 Cr, down 28% from the INR 2,795 Cr loss it registered in the previous fiscal year. 

However, the company claimed to have emerged profitable, excluding ESOP costs, in FY24, reporting a PAT of INR 197 Cr versus INR 738 Cr loss in FY23. Operating revenue during the year zoomed almost 74% to INR 5,064 Cr in FY24 from INR 2,914 Cr a year ago.