Team Blitz India
NEW DELHI: PhonePe has elevated multiple business heads to the position of chief executive of their verticals as the number of registered users on its platform crossed 500 million, the digital payments major said on November 7.
The new vertical CEOs include Hemant Gala for lending business, Vishal Gupta for insurance business, Vivek Lohcheb for ecommerce app Pincode, and Ujjwal Jain as CEO of Share.Market, PhonePe’s latest product offering in the wealth management space.
“We have achieved only 50% of our vision statement of bringing digital payments to 100 crore (one billion) Indians,” said Sameer Nigam, CEO of PhonePe. “As we look to the future, we felt 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.”
The Bengaluru-based unicorn had launched its flagship payments product back in August 2016 on Unified Payments Interface (UPI), the real-time payments railroad run by the National Payments Corporation of India (NPCI). It is the market leader in both UPI transaction count and value, with nearly 50% share in value terms.