New Delhi: Walmart-backed fintech firm PhonePe is set to bring in Amit Doshi, former chief marketing officer of Britannia Industries, as its first group CMO. Doshi, who spent over 12 years at Britannia in various leadership roles, stepped down from the company about a month ago. Sources indicate that he will take charge in the coming weeks.
Restructuring at PhonePe
Doshi’s appointment comes as PhonePe reorganizes its leadership to strengthen its financial services and quick commerce businesses. Recently, the company promoted several executives:
- Hemant Gala as CEO of its lending business
- Vishal Gupta as CEO of its insurance business
- Vivek Lohcheb as CEO of its ecommerce platform Pincode
- Ujjwal Jain as CEO of Share.Market
IPO Plans and Financial Performance
As PhonePe gears up for a potential public listing, it has appointed Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley as advisors for its IPO. Reports suggest that the company is targeting a valuation of up to $15 billion, up from its $12 billion valuation following a $100 million funding round in May 2023.
On the financial front, PhonePe reduced its consolidated net loss by 28% to Rs 1,996 crore in FY24, compared to Rs 2,795 crore in FY23. The company’s operating revenue surged 74% year-on-year to Rs 5,064 crore in FY24.
