PhonePe Insurance CEO Vishal Gupta Steps Down to Launch a Startup

PhonePe is combining its insurance business with its consumer payments business. The merged business will be led by the company's Chief Business Officer (CBO), Sonika Chandra.

Vishal Gupta was one of the founding team members at PhonePe and played an important role in building the company.

Before joining PhonePe, he worked at Flipkart as the Director of Product Management for Payments and Transactions, according to his LinkedIn profile.

“I am signing off from my role at PhonePe… I am heading back to what I have loved most across all my stints: building from scratch, solving hard problems, finding PMF, and earning the right to scale,” he said in a post on the social media platform.

Several senior executives have left PhonePe in recent months.

In June, Akash Dongre, co-founder and Chief Product Officer of PhonePe-owned Indus Appstore, resigned. In May, Ujjwal Jain, CEO of PhonePe's stockbroking platform Share. Market, also stepped down.

In the same month, PhonePe said it had temporarily postponed its IPO plans because of the conflict in West Asia and unstable market conditions. The company said it will restart the IPO process when global markets become more stable.

Read Also- Fortinet Appoints Luca Simonelli as Senior Vice President for APAC Region