PhonePe To Rope In Former Britannia Executive As CMO: Report

SUMMARY

Based on Amit Doshi’s profile, he worked with Britannia Industries for about 12 years in various leadership roles

Doshi stepped down from his role in Britannia about a month ago

The appointment comes amid PhonePe’s recent leadership restructuring as it looks to expand into financial services and quick commerce

Walmart-owned fintech giant PhonePe is reportedly planning to onboard Britannia Industries’ chief marketing officer Amit Doshi as its first group CMO.

An ET report, citing sources familiar with the matter, said that the company is looking to strengthen and scale up its marketing operations across business verticals with this appointment.

Inc42 has reached out to Doshi, Britannia Industries as well as PhonePe for comments on the development. The story will be updated based on their responses.

Based on Doshi’s LinkedIn profile, he worked with Britannia Industries for about 12 years in various leadership roles, where he most recently served as CMO of the company for over three years in Bengaluru.

With more than 20 years of experience, Doshi has worked with electronics appliance maker Lenovo and confectioneries company Perfetti Van Melle.

The report further said that Doshi stepped down from his role in Britannia about a month ago, and was in talks to join a Bengaluru-based internet firm. However, the details of the company’s name or position remain undisclosed.

“But he is going with PhonePe and the offer has been accepted (by him). He will join in a couple of weeks,” one of the sources was quoted as saying in the report.

The appointment comes amid PhonePe’s recent leadership restructuring as it looks to expand into financial services and quick commerce.

Hemant Gala was promoted as CEO for PhonePe’s lending business, Vishal Gupta was elevated as CEO for PhonePe’s insurance business, Vivek Lohcheb took over as CEO for ecommerce app Pincode and Ujjwal Jain was named as the CEO of Share.Market.

With the talks around its public listing heating up, the startup picked Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as its advisors for the IPO, based on reports.

Sources claimed that PhonePe is eyeing a valuation of up to $15 Bn, whereas the company was last valued at $12 Bn following its last funding of $100 Mn in May 2023.

On the financial front, the fintech major narrowed its consolidated net loss by 28% to INR 1,996 Cr in the financial year 2023-24 (FY24) from the INR 2,795 Cr loss it posted a year ago. Meanwhile, its operating revenue zoomed almost 74% to INR 5,064 Cr in FY24, from INR 2,914 Cr in FY23.