Payments major PhonePe made a few key changes to its top leadership, elevating multiple business heads to the position of chief executive of the firm’s new business verticals.
The Bengaluru-based unicorn said it has also crossed 500 million registered users on the platform.
In terms of leadership changes, Hemant Gala has been appointed as the CEO of its lending business. He joined the company as part of the founding team and helped build the payments business. Over the last few years, he has been building the financial services vertical at the company.
Vishal Gupta has been promoted to the role of CEO for PhonePe’s insurance business. Also a founding team member, Gupta managed multiple leadership roles across product, design, risk, and customer experience to build and scale the payments and merchant business.
Vivek Lohcheb has become the CEO of Pincode and will be responsible for scaling the offering across key cities in India. Previously, Lohcheb headed the offline business at PhonePe, expanding its offline merchant network and payment acceptance infrastructure. Lohcheb founded the payments start-up Trupay, which was acquired by The Mobile Wallet, before joining PhonePe in 2018.
To head PhonePe’s latest product offering, Share.Market, its wealth management space, it has appointed Ujjwal Jain. Jain joined the PhonePe ecosystem when his wealth management company, Wealthdesk, was acquired by the payments major in 2022.
The company launched its flagship payments product back in August 2016 on the Unified Payments Interface, the real-time payments railroad run by the National Payments Corporation of India.
“We have achieved only 50 per cent of our vision statement of bringing digital payments to 100 crore Indians. As we look to the future, we feel that this is also a great time to redesign the organisation and elevate some of the key PhonePe executives to take on larger roles in the group,” said Sameer Nigam, CEO of PhonePe.