PhonePe hires Shivnath Thukral as VP for public policy, govt affairs

India's UPI payments giant PhonePe has reportedly appointed Shivnath Thukral as vice president for public policy and government affairs. 

Thukral, a veteran in regulatory affairs and strategic communications, will spearhead the company’s policy outreach and work closely with policymakers, regulators, and government stakeholders.

The appointment underscores the company’s intent to deepen its engagement with India’s regulatory and policy ecosystem, particularly at a time of increased scrutiny in the digital payments and financial services sectors.

Thukral joins the fintech company after a prominent tenure at Meta, where he served as vice president of public policy, leading the company’s advocacy on issues ranging from digital regulation to financial inclusion. He has also held strategic positions at key industry bodies such as the Broadband India Forum (BIF), the U.S.-India Strategic Partnership Forum (USISPF), and the Public Affairs Forum of India (PAFI), cementing his reputation as a pivotal figure in shaping India’s tech and economic policy dialogue.

The appointment comes as PhonePe reportedly prepares to file its draft red herring prospectus (DRHP) for a $1.5 billion public offering as early as August this year. The company may target a $15 billion valuation, up from its last private valuation of $12 billion in 2023.

PhonePe, which redomiciled to India in 2022 to comply with listing norms, is India's largest player in Unified Payments Interface (UPI) transactions. In June alone, it processed 8.55 billion UPI transactions worth Rs 11.99 lakh crore, accounting for 46.5% of all UPI transaction volume and 50% of total value transacted on the platform. By comparison, the entire UPI ecosystem handled 18.4 billion transactions worth Rs 24.04 lakh crore during the same period.

Despite its dominance in the UPI ecosystem, monetisation has been a pressing concern. UPI currently does not allow platforms to charge a merchant discount rate (MDR), a key revenue lever for payment companies. PhonePe derives roughly 95% of its revenue from digital payments, making this a crucial policy battleground.

PhonePe has diversified its offerings in recent years, branching into insurance, digital lending, and mutual funds. It has also launched consumer technology products such as Pincode, a hyperlocal shopping app, and Indus Appstore, an Indian alternative to global mobile app marketplaces.