Key Takeaways
PhonePe CTO: Listing Outside India Wouldn't Be As Much Fun! | PhonePe IPO | N18S
- Srijon Biswas becomes PhonePe CTO after leading financial services engineering since 2016
- Cofounder Rahul Chari takes on expanded CPTO role covering product, tech, data sciences, and customer experience
- The reshuffle follows multiple executive departures and an indefinite pause on PhonePe's planned IPO
PhonePe has promoted Srijon Biswas, its head of engineering for financial services, to chief technology officer. Biswas joined the company in 2016 and will now oversee all of PhonePe's engineering operations. He replaces cofounder Rahul Chari, who moves into a newly created chief product and technology officer role.
The move comes as India's largest UPI platform deals with a string of leadership departures and an indefinitely paused IPO. Biswas will report directly to Chari, who retains oversight of the tech organization while picking up additional responsibilities.
What does Chari's new CPTO role cover?
Chari's expanded portfolio now spans technology, product, trust and safety, data sciences and analytics, and customer experience. PhonePe described the restructuring as a "broader evolution of leadership responsibilities," though the timing raises questions given recent turbulence at the executive level.
"As PhonePe continues to expand and grow, strengthening our technology leadership is a natural step," Chari said. "Srijon's appointment ensures we continue to invest deeply in engineering excellence while building the technology platforms that will power the future of digital India."
Eight years at a single company is unusually long tenure in Indian fintech. Biswas has institutional knowledge that outside hires lack, and promoting from within signals continuity during a period when stability matters.
Why is PhonePe reshuffling leadership now?
The CTO promotion follows several high-profile exits in recent months. Vishal Gupta, who led PhonePe's insurance arm, has stepped down. So has Akash Dongre, CEO of the Indus Appstore mobile marketplace, and Ujjwal Jain, who ran the Share.Market wealth management vertical.
PhonePe has not publicly explained the departures. But they coincide with the company hitting pause on its public listing. After filing confidentially for an IPO last year, PhonePe cited market volatility and shelved the process indefinitely.
The planned IPO would consist entirely of an offer for sale, letting existing backers like Walmart, Tiger Global, and Microsoft sell over 50 million shares. Estimates have pegged the offering at roughly ₹12,000 crore ($1.35 billion) at a valuation around $15 billion.
How are PhonePe's financials holding up?
The company remains unprofitable, but the trajectory is mixed. Net losses grew 20% year over year to ₹1,444 crore in the first half of FY26. Operating revenue, however, rose 22% to ₹3,919 crore in the same period.
For full-year FY25, revenue jumped 41% to ₹7,115 crore, up from ₹5,064 crore in FY24. The net loss narrowed 14% to ₹1,727 crore. PhonePe is growing fast, but the path to profitability remains unclear.
With over 500 million registered users and roughly 47% of India's UPI transaction volume, PhonePe dominates the market. Scale is not the problem. Margins are.
What does this mean for PhonePe's IPO timeline?
No concrete timeline exists. The updated draft red herring prospectus filed with SEBI in January confirmed the IPO structure, but PhonePe has given no indication of when it might refile or proceed. Indian market conditions, global tech sentiment, and internal performance will all factor into that decision.
Elevating Biswas suggests PhonePe is not in crisis mode. Companies in distress typically cut leadership, not create new C-suite roles. But the executive departures and IPO delay mean investors will watch closely for signs of instability or strategic drift.
Logicity's Take
Promoting an eight-year veteran to CTO is a defensive move, not a bold one. PhonePe needs continuity after losing three business unit heads in quick succession. Biswas knows the codebase and the culture. The real question is whether Chari's expanded CPTO role dilutes his focus or gives him room to address the strategic gaps emerging across PhonePe's newer verticals like insurance and wealth management. For fintech teams building similar multi-product stacks, the lesson is clear: domain-specific leadership for each vertical matters, and losing those leaders creates risk that no amount of org chart reshuffling can paper over.
Frequently Asked Questions
Who is the new CTO of PhonePe?
Srijon Biswas, who joined PhonePe in 2016 and previously led engineering for the financial services division, has been promoted to chief technology officer.
What is Rahul Chari's new role at PhonePe?
Chari has moved from CTO to chief product and technology officer (CPTO), overseeing product, technology, data sciences, trust and safety, and customer experience.
Is PhonePe still planning an IPO?
PhonePe filed confidentially for an IPO last year but has paused the process indefinitely, citing market volatility. No new timeline has been announced.
How much is PhonePe valued at?
The company's proposed IPO would value it at approximately $15 billion, with an offer size of around ₹12,000 crore ($1.35 billion).
Is PhonePe profitable?
No. PhonePe reported a net loss of ₹1,727 crore for FY25, though losses narrowed 14% from the prior year while revenue grew 41%.
Another fintech leadership and M&A story relevant to finance teams tracking industry consolidation
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Source: Inc42 Media / Gaurav Bagur
Manaal Khan
Tech & Innovation Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
