PhonePe has appointed Shivnath Thukral, formerly Meta’s top policy executive in India, as Vice President for Public Policy and Government Affairs.
The move comes as the Walmart-backed fintech prepares for its highly-anticipated IPO.
Thukral will report directly to the founders and join the company’s leadership team. “He will work closely with the founders to strengthen policy engagement and drive strategic initiatives,” PhonePe said in a statement on Monday.
“We are delighted to have Shivnath join the PhonePe team. He comes with a rich experience and deep understanding of public policy, regulatory frameworks, and strategic advocacy,” said Sameer Nigam, Co-Founder and CEO of PhonePe. “I would like to wish him the very best in his new role.”
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At Meta, Thukral served as Vice President of Public Policy, where he led the organisation as a strategic thinker, business leader and an effective advocate on regulatory issues related to technology and financial inclusion. He has also held senior roles in prominent industry forums, including the Broadband India Forum (BIF), the US-India Strategic Partnership Forum (USISPF), and the Public Affairs Forum of India (PAFI).
Thukral’s appointment comes at a critical juncture for PhonePe, which has expanded beyond its roots in UPI payments into full-stack financial services and consumer tech. Its portfolio now includes distribution of insurance and mutual funds, digital lending, the Pincode hyperlocal commerce app, and the Indus Appstore for Android.
As of April 2025, PhonePe reported more than 600 million registered users and over 40 million merchants on its network. The company processes 330 million transactions daily, with an annualized total payment value of over Rs 150 lakh crore.
PhonePe has roped in bankers Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley, for launching its initial public offering.
The Walmart group firm had last raised Rs 7,021 crore (around $850 million) at a pre-money valuation of $12 billion (about Rs 1 lakh crore) from investors like General Atlantic, Walmart, Ribbit Capital, TVS Capital Funds, and Tiger Global in the financial year 2023.
Edited by Megha Reddy
