PhonePe is undergoing one of its biggest leadership transitions in recent years, with several senior executives moving into new roles while a few prominent leaders have exited to pursue entrepreneurial ventures. Among the most notable departures is Ujjwal Jain, the former CEO of Share.Market, who has now launched his new artificial intelligence startup, Atyx AI, focused on transforming wealth management for private investors and family offices.
The latest leadership changes come at a time when PhonePe is navigating financial challenges, regulatory headwinds, and a delayed initial public offering (IPO), making the restructuring a significant development for India’s fintech ecosystem.
PhonePe Announces Key Leadership Changes Across Technology and Business
PhonePe has promoted long-time executive Srijon Biswas as its new Chief Technology Officer (CTO) with immediate effect. Having spent nearly a decade at the company, Biswas previously served as the Head of Engineering and played a major role in building PhonePe’s technology infrastructure. In his new role, he will oversee the company’s engineering division and continue driving large-scale product development, reliability, and innovation.
Co-founder Rahul Chari has also taken on an expanded leadership position as Chief Product and Technology Officer (CPTO). Besides leading product, technology, trust and safety, and data sciences, Chari will now directly supervise customer experience and artificial intelligence initiatives, highlighting PhonePe’s increasing focus on AI-driven innovation.
The business side has also witnessed changes. Sonika Chandra has been elevated to Chief Business Officer (CBO) after previously heading Consumer Payments. She will now lead a newly integrated business unit combining consumer payments and the insurance business, following the departure of insurance head Vishal Gupta.
The restructuring follows a series of senior exits over the past few months. Vishal Gupta stepped down in July 2026 after spending nearly ten years at PhonePe, stating that he wanted to return to “building from scratch.” Earlier, Akash Dongre, the co-founder and Chief Product Officer of PhonePe-owned Indus Appstore, also exited his role. These departures have marked a period of transition for one of India’s largest fintech companies.
Ujjwal Jain Begins New Journey with Atyx AI After Share.Market Exit
Among the leadership changes, Ujjwal Jain’s departure has attracted considerable attention in the startup ecosystem.
Jain co-founded WealthDesk and OpenQ in 2016, two startups focused on model portfolios and quantitative investment research. In May 2022, PhonePe acquired both companies to strengthen its presence in the online investment segment, with the acquisition reportedly valued at around ₹5,700 crore ($75 million).
Following the acquisition, Jain led the launch of Share.Market in 2023, PhonePe’s dedicated investment platform. The company invested heavily in expanding its presence across stockbroking and mutual fund services in an already competitive market dominated by established players such as Groww, Zerodha, and Angel One.
Although Share.Market struggled to significantly increase its market share, accounting for around 0.5% of India’s stockbroking market, the platform still achieved notable milestones. It built a base of approximately 1.26 million demat accounts, handled nearly 2.3 million monthly systematic investment plans (SIPs), managed mutual fund assets under management (AUM) worth ₹5,838 crore as of September 2025, and recorded over 229,000 active investors by February 2026.
Jain officially stepped down from Share.Market in May 2026 after four years. Announcing his decision on LinkedIn, he described the move as the end of a “decade-long Chapter 1” while adding that it was not a goodbye but the beginning of a new chapter focused on solving larger industry challenges.
His new venture, Atyx AI, aims to bring artificial intelligence into wealth management by serving private wealth managers and ultra-high-net-worth individual (Ultra-HNI) family offices. The startup intends to improve workflow efficiency by automating repetitive operational tasks while introducing autonomous AI capabilities for investment professionals. Instead of targeting retail investors, Atyx AI is positioning itself as a technology platform for institutions and wealth advisors managing complex investment portfolios.
PhonePe Faces Financial Pressure as IPO Plans Remain on Hold
The leadership reshuffle comes during a financially challenging period for PhonePe.
For FY26, the company reported revenue of ₹7,920.48 crore, reflecting an 11.5% year-on-year increase. However, its total expenses climbed even faster to ₹10,588.51 crore, resulting in a net loss of ₹2,791.59 crore compared with ₹1,727.41 crore in the previous financial year.
PhonePe’s revenue growth was also affected by regulatory developments. The company discontinued its rent payment category following Reserve Bank of India guidelines, a segment that had previously contributed a significant portion of its revenue. Additionally, restrictions impacting real-money gaming businesses affected another important revenue stream.
Despite these challenges, PhonePe continues to maintain a dominant presence in India’s digital payments landscape. The Walmart-backed fintech platform serves more than 700 million registered users, has approximately 200 million monthly active users, and supports a merchant network of nearly 50 million businesses across the country.
The company had updated its draft IPO documents with the Securities and Exchange Board of India (SEBI) while targeting a valuation of around $15 billion. However, PhonePe has decided to pause its public listing plans due to volatile market conditions, valuation concerns, and geopolitical uncertainty affecting investor sentiment.
As PhonePe strengthens its leadership team internally while former executives launch ambitious startups like Atyx AI, the coming months are expected to shape not only the company’s next phase of growth but also the broader evolution of India’s fintech and wealth management ecosystem.