Walmart-backed payments and financial services firm PhonePe has made a strategic re-organisation, rejigging the portfolios of its top management.
Hemant Gala, who was in charge of payments and financial services at the startup, is now the CEO of PhonePe’s leading business, according to media reports. Vishal Gupta, the Product Head, has been promoted to CEO of PhonePe’s Insurance business. Both Gala and Gupta are former leaders at Flipkart and have been with PhonePe for seven years. They played crucial roles in building and expanding the payments and merchants business, working in various positions related to product, design, risk and customer experience.
PhonePe underwent reorganisation due to its expansion into various new businesses. These include entering the ecommerce and stock broking sectors with Pincode and Share Market app, providing online payment gateway services, offering loans to merchants in partnership with NBFCs and banks, introducing a Point of Sale (PoS) device and providing account aggregator services.
As part of the reorganisation, Vivek Lohcheb, the Vice President of Offline Business, has been appointed as the CEO of the new app, Pincode. Lohcheb has been with the company for almost six years. Ujjwal Jain has also been promoted to the role of CEO of ShareMarket, where he will oversee the Wealth and Broking business.
The company, a fintech decacorn, reported a 77 per cent increase in its consolidated revenue, amounting to Rs 2,914 crore in FY23.
Although PhonePe India, which handles the company’s payments business and holds a market share of 50.54 per cent in the UPI market, recorded an operating loss of Rs 1,755 crore in FY23 (compared to Rs 1,612 crore the previous year), its payment subsidiary achieved positive EBITDA on an adjusted basis, excluding the ESOP cost.
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