PhonePe Ropes in Former Meta India Policy Head Shivnath Thukral
Shivnath Thukral, former head of Meta India's public policy department, has been named vice president for public policy and government affairs on July 15 by Walmart-owned digital payments company PhonePe, ahead of its much awaited market launch.
In addition to strengthening PhonePe's position as an industry thought leader, Thukral will be in charge of spearheading the business's external engagement and conversations with regulators and policymakers, the company stated.
To improve policy engagement and advance strategic objectives, he will collaborate closely with PhonePe founders Sameer Nigam and Rahul Chari as a member of the executive team.
“We are delighted to have Shivnath join the PhonePe team. He comes with a rich experience and deep understanding of public policy, regulatory frameworks, and strategic advocacy," Nigam says.
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After over seven and a half years, Thukral resigned in June as Meta India's head of public policy.
PhonePe is preparing for its public market launch at the time of the development.
According to the Registrar of Companies (RoC) documents, the company changed its status from private to public in April in preparation for its anticipated IPO.
The digital payments platform owned by Walmart said that it was beginning the process of getting ready for a possible initial public offering (IPO). Moneycontrol revealed on February 25 that PhonePe, which is aiming for a $15 billion valuation, has chosen Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as advisers for the IPO.
After over seven and a half years, Thukral resigned in June as Meta India's head of public policy.
Additionally, Thukral's appointment coincides with a pivotal period in the MDR discussion, when it has gained new impetus. In a recent letter to Prime Minister Narendra Modi, the Payments Council of India (PCI) argued for MDR on both Rupay debit cards and UPI transactions.
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PhonePe is preparing for its public market launch at the time of the development. According to the Registrar of Companies (RoC) documents, the company changed its status from private to public in April in preparation for its anticipated IPO.
The digital payments platform owned by Walmart said that it was beginning the process of getting ready for a possible initial public offering (IPO). Moneycontrol revealed on February 25 that PhonePe, which is aiming for a $15 billion valuation, has chosen Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as advisers for the IPO.
In its most recent private funding round, the corporation was valued at about $12 billion.
With nearly a 48 percent market share in Unified Payments Interface (UPI), the real-time mobile payments network operated by National Payments Corporation of India, the Bengaluru-based business is the biggest player in the nation's digital payments market. With almost 37 percent of the market, Google Pay is the second-biggest player.
PhonePe reported revenue of Rs 5,064 crore in FY24, a 73 percent year-over-year gain. Compared to a loss of Rs 738 crore the year before, its profit after tax (PAT) was Rs 197 crore.