PhonePe Appoints Zarin Daruwala as Independent Director Ahead of IPO, Strengthening Board with Banking Veteran
As the Indian fintech giant PhonePe prepares for its much-anticipated public listing, the company has made a strategic move by appointing Zarin Daruwala, former CEO of Standard Chartered Bank (India), as an independent director to its board. The appointment signals PhonePe’s intent to bolster its corporate governance and leadership strength in the run-up to its IPO.
A spokesperson from PhonePe confirmed the development, stating, “We are pleased to confirm Zarin Daruwala’s appointment as an independent director to the PhonePe Board. Her distinguished career spanning decades in the financial services sector and demonstrated leadership will be a valuable asset to our board.”
A Proven Leader in Indian and Global Banking
Zarin Daruwala is a well-respected name in the financial sector with over 30 years of experience in banking and corporate governance. She most recently served as CEO of Standard Chartered Bank India, where she led the bank for nearly nine years until stepping down in March 2025. Under her leadership, the bank witnessed significant growth in retail and digital banking, as well as a strong emphasis on governance and risk management.
Before her tenure at Standard Chartered, Daruwala spent 26 years at ICICI Bank, one of India’s largest private banks. During her time there, she rose through the ranks to become President of the Wholesale Banking Division, overseeing corporate lending, project finance, and investment banking. Her deep understanding of the financial ecosystem in both retail and institutional contexts makes her an invaluable addition to the PhonePe board.
Boardroom Experience and Industry Influence
Daruwala’s influence extends beyond the banking world. She was also a board member of JSW Steel for eight years, until 2013, demonstrating her versatility and governance acumen in both financial and industrial sectors. Her boardroom experience is expected to provide strategic depth and regulatory insight to PhonePe as it transitions from a high-growth fintech startup to a publicly listed entity.
Strategic Timing Ahead of IPO
PhonePe’s appointment of a seasoned executive like Zarin Daruwala comes at a crucial time. The company is reportedly gearing up for its initial public offering (IPO), which is likely to be one of the most high-profile tech listings in India. With strong backing from Walmart and a dominant presence in digital payments, UPI, and financial services, PhonePe is seen as a leader in the Indian fintech space.
By adding Daruwala to its board, PhonePe not only enhances its governance structure but also sends a clear message to investors and regulators about its commitment to transparent, mature, and experienced leadership at the helm.
Strengthening Governance in Fintech
In an era where corporate governance and regulatory compliance are critical to gaining investor confidence, especially in financial services, Daruwala’s appointment is a forward-thinking move. Her insights will likely help shape PhonePe’s strategy as it navigates the challenges of scaling, regulatory frameworks, and public market scrutiny.
With Zarin Daruwala onboard, PhonePe is positioning itself to enter the next phase of growth—grounded in experience, leadership, and a strong foundation for long-term success.
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