Digital payments major PhonePe made few key changes to its top deck, elevating multiple business heads to the position of chief executive of its new business verticals. The Bengaluru-based unicorn said it has also crossed 500 million registered users on the platform.
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The company had launched its flagship payments product back in August 2016 on Unified Payments Interface, the real-time payments railroad run by the National Payments Corporation of India.
In terms of its new top deck, 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 was 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, customer-experience to build and scale the payments and merchants business.
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Vivek Lohcheb has become the CEO for 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 had founded a payments startup Trupay, which was acquired by a company called The Mobile Wallet, before joining PhonePe in 2018.
Finally, to head PhonePe’s latest product offering in the wealth management space Share.Market, it has appointed Ujjwal Jain. Jain joined the PhonePe ecosystem when his wealth management company Wealthdesk was acquired by the payments major in 2022.
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“We have achieved only 50% of our vision statement of bringing digital payments to 100 crore Indians. As we look to the future, we felt that this is also a great time to redesign the org and elevate some of the key PhonePe executives to take on larger roles in the group,” said Sameer Nigam, CEO of PhonePe.
