PhonePe crosses 50-crore user base, elevates four officials across verticals to CEO level

PhonePe crosses 50-crore user base, elevates four officials across verticals to CEO level

New Delhi, Nov 7 (PTI) Fintech firm PhonePe on Tuesday announced promotion of several senior officials across verticals after crossing 50 crore registered user-mark.

The company said that it has become the first Indian internet company to have reached this scale of 50 crore users globally.

'When we started PhonePe, I had never imagined that we would get to 50 crore registered users in such a short span of time. It feels almost surreal. Yet, we have achieved only 50 per cent of our vision statement of bringing digital payments to 100 crore Indians,' PhonePe Founder and CEO Sameer Nigam said in a statement.

The company had crossed 35 crore user base in January 2022.

'With this milestone, 1 in 3 Indians are now on PhonePe. This milestone has been achieved in just over 7 years, since the PhonePe UPI payments launched in August, 2016,' the company said in a statement.

Nigam said that with this feat, the company has decided to redesign the organisation and elevate some of the key PhonePe executives to take on larger roles in the group.

PhonePe has elevated Hemant Gala to the role of CEO for PhonePe's lending business. He has been part of the founding team at PhonePe and has worked across multiple businesses over the past 7 years.

The company has promoted Vishal Gupta to the role of CEO for PhonePe's insurance business.

Vivek Lohcheb has been promoted to the role of CEO for Pincode and will be responsible for scaling the Pincode offering across key cities in India.

Previously, Vivek headed the offline business at PhonePe, where he was responsible for expanding the company's offline merchant network and acceptance, the statement said.

The company has appointed Ujjwal Jain as the CEO of share market. He will be heading the company's wealth and broking business.

Previously, Jain founded WealthDesk and created a curated research baskets category on broking called WealthBasket to address the challenges faced by the funds and broking industry as a whole. PTI PRS HVA

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