PhonePe Appoints VP for Policy Amid UPI Monetisation Hurdles and IPO Plans
PhonePe, India's leading digital payments platform, has appointed Shivnath Thukral as its Vice President for Public Policy and Government Affairs. This move comes amidst the company's expansion into new services and its preparation for an IPO, while facing monetisation challenges due to UPI regulations.
PhonePe processed a staggering 8.55 billion UPI transactions worth Rs 11.99 lakh crore in June 2023, capturing 46.5% of the total UPI transaction volume and 50% of the total value transacted. Despite this growth, the platform faces a monetisation hurdle as UPI does not permit charging merchants for transactions.
To navigate this challenge and deepen its engagement with India's regulatory ecosystem, PhonePe has hired Shivnath Thukral. Thukral brings extensive experience, having previously served as Vice President for Public Policy and Government Affairs at Meta and holding strategic roles at industry bodies like BIF, USISPF, and PAFI. He will spearhead PhonePe's policy outreach and work closely with policymakers and regulators.
PhonePe has diversified its offerings to include insurance, digital lending, mutual funds, and consumer technology products like Pincode and Indus Appstore. The company redomiciled to India in 2022 to comply with listing norms and is now targeting a $15 billion valuation in its public offering, up from its last private valuation of $12 billion. It is reportedly preparing to file its draft red herring prospectus (DRHP) for a $1.5 billion IPO as early as August 2023.
With Thukral at the helm of its public policy efforts, PhonePe aims to tackle its monetisation concerns and strengthen its position in the digital payments sector. As the company prepares for its IPO, it continues to expand its service offerings, solidifying its role as a key player in India's financial ecosystem.
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