PhonePe, India’s leading digital payments platform, has named Shivnath Thukral as its Vice President for Public Policy and Government Affairs. Thukral, who previously served as the Public Policy Director at Meta India, steps into this key leadership role as the company accelerates preparations for its upcoming Initial Public Offering (IPO).
In this new capacity, Thukral will collaborate closely with PhonePe’s founders, Sameer Nigam and Rahul Chari, and be a part of the senior leadership team. His core responsibilities will involve leading policy outreach, managing regulatory engagement, and guiding strategic initiatives that align with the company’s public and government affairs agenda.
PhonePe’s CEO and Co-founder, Sameer Nigam, expressed his enthusiasm about the appointment, stating that Thukral’s deep experience in policy formulation and regulatory strategy will significantly contribute to the company’s long-term growth and public market journey.
Thukral’s onboarding comes at a pivotal moment. In April 2024, PhonePe transitioned into a public company, setting the stage for its much-awaited IPO. The fintech firm, backed by Walmart, has reportedly engaged leading investment banks, including Kotak Mahindra Capital, JP Morgan, Citi, and Morgan Stanley, to advise on the process. The IPO is expected to value the company at around $15 billion, marking a significant leap from its earlier valuation of $12 billion.
Having recently concluded a tenure of over seven years at Meta India, Thukral brings with him extensive experience in policy advocacy and government relations. His understanding of India’s complex regulatory landscape is seen as a strategic asset, particularly as PhonePe expands its services and navigates compliance in the highly regulated financial technology sector.
Thukral will now lead PhonePe’s engagement with key stakeholders, including regulatory bodies, government agencies, and policymakers, helping ensure the company remains aligned with evolving policy frameworks. His role will also be instrumental in reinforcing PhonePe’s position as a thought leader in digital payments and financial inclusion.
As one of the largest contributors to India’s UPI ecosystem, PhonePe has consistently reported industry-leading transaction volumes. With IPO preparations in full swing, the company’s focus on regulatory clarity and strong governance is expected to play a critical role in its next phase of growth.
Thukral’s appointment reflects PhonePe’s broader vision to build a resilient, policy-conscious organisation that can scale responsibly while contributing meaningfully to India’s digital economy.
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