PhonePe Expands Board With Ex-Revenue Secretary Tarun Bajaj, Two Walmart Executives

PhonePe has expanded its board with the appointment of former Revenue Secretary Tarun Bajaj and two senior Walmart-backed executives.

Bajaj will also be the chairman of the Risk Committee.

A PhonePe spokesperson confirmed the appointment of Walmart's Chief Financial Officer John D. Rainey and Chief People Officer Donna Morris as non-executive directors on its board.

With this, PhonePe's board now has eight members. Existing members include founders Sameer Nigam and Rahul Chari, Walmart's Leigh Douglas Hopkins, Rohit Bhagat, and Binny Bansal.

PhonePe has expanded rapidly on the back of a Rs 7,021-crore fundraise from investors like General Atlantic Service Co., Walmart Stores Inc., Ribbit Capital, TVS Capital Funds and Tiger Global at a $12 billion pre-money valuation.

It is building and scaling new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators.