PhonePe, India’s leading digital payments platform, has appointed banking veteran Zarin Daruwala to its board of directors as the Walmart-backed company prepares for its initial public offering.
The appointment comes months after Daruwala concluded her nine-year tenure as Chief Executive Officer of Standard Chartered Bank’s India operations in March 2025.
Daruwala brings 35 years of banking experience to PhonePe, including her previous role as President of Wholesale Banking at ICICI Bank, where she managed one of India’s largest corporate banking portfolios.
The appointment reflects PhonePe’s strategy to strengthen its governance structure with seasoned financial services leaders as it moves toward its public market debut. The Bengaluru-based company converted from PhonePe Private Limited to PhonePe Limited in April 2025, following an Extraordinary General Meeting that approved the restructuring ahead of its planned IPO.
The Bengaluru-based company reported a 73% rise in its FY24 revenue to Rs 5,064 crore from Rs 2,914 crore in the previous fiscal year. Moreover, the company turned adjusted profit after tax (PAT) positive after reporting a profit of Rs 197 crore, excluding ESOP-related costs, during the period after reporting a loss of Rs 738 crore in FY22-23.
The Sameer Nigam-led fintech moved its base from Singapore to India in 2022, eyeing a public listing. It has maintained a stronghold in India’s digital payments space after recording over 798 crore UPI transactions in December 2024–a 78% rise from the transactions registered in November.
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