PhonePe ropes in Meta's Shivnath Thukral as V-P for public policy

PhonePe has appointed ex-Meta India policy head Shivnath Thukral as vice-president for public policy, as the fintech firm gears up for its IPO

Digital payments company PhonePe has appointed Shivnath Thukral, former public policy head at Meta India, as its new vice-president for public policy and government affairs. Thukral’s seven-year tenure at Meta came to an end in June.

 

"Shivnath will be responsible for leading PhonePe's external engagement and discussions with policymakers and regulators," the company said in a statement, adding that he would work closely with the company’s founders, Sameer Nigam and Rahul Chari.

 

Nigam said that they were delighted to have Shivnath join the PhonePe team, adding that he came with rich experience and a deep understanding of public policy, regulatory frameworks, and strategic advocacy.

 

Appointment ahead of IPO plans 

Thukral’s appointment comes at a time when the Walmart-owned fintech prepares to launch its initial public offering (IPO), which is expected to value the company at around $15 billion. PhonePe is aiming to file its draft red herring prospectus (DRHP)—a preliminary document required by Indian regulators—by early August. However, the timeline may still change, as discussions are ongoing and the plan remains flexible. 

 

To handle the IPO process, PhonePe has brought in major investment banks including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley.

 

PhonePe's market leadership in UPI

 

PhonePe holds the top position in India’s digital payments space, with nearly 48 per cent market share in the Unified Payments Interface (UPI), the real-time mobile payment system operated by the National Payments Corporation of India. 

 

PhonePe was initially registered in Singapore but moved its legal base to India in 2022. This shift is widely seen as a step taken in preparation for its planned public listing in the country. In June, the company appointed Zarin Daruwala to its board. Daruwala, who served as CEO of Standard Chartered Bank India, had previously held key leadership positions at ICICI Bank, where she led the wholesale banking business.

 

Thukral's appointment comes at a significant moment, as the debate around the Merchant Discount Rate (MDR) has reignited. The Payments Council of India (PCI) recently wrote to Prime Minister Narendra Modi, urging the introduction of MDR on both Unified Payments Interface (UPI) transactions and Rupay debit cards.