PhonePe Insurance Arm CEO Vishal Gupta Steps Down
Vishal Gupta, CEO of PhonePe Insurance Broking Services, has resigned to found a new stealth startup. He is the third executive at a PhonePe subsidiary to leave in under two months.
Vishal Gupta, CEO of PhonePe Insurance Broking Services, has departed from his role to establish a new, undisclosed startup. Gupta announced his departure on LinkedIn, stating his intention to "build from scratch, solve hard problems, find PMF, and earn the right to scale."
Gupta joined PhonePe in 2016, initially in product and customer experience roles, before being appointed to lead the insurance vertical in November 2023. His career spans over two decades, including previous roles at Flipkart, AOL, and Pine Labs.
The exit marks the third leadership departure from PhonePe's subsidiaries in less than two months. In June, Akash Dongre, co-founder and Chief Product Officer of PhonePe-owned Indus Appstore, stepped down. Prior to that, in May, Ujjwal Jain, CEO of the Share.Market stockbroking and wealth management arm, resigned.
These departures occur as PhonePe has postponed its initial public offering (IPO) plans, citing market instability. The fintech major had previously filed preliminary documents for its IPO with the Securities and Exchange Board of India (SEBI).