Digital payments platform PhonePe is continuing to expand its leadership team with the appointment of Ritesh Pai as the Chief Executive Officer (CEO) of its International Payments business.
In his previous role as the President of Products and Solutions at TerraPay, Ritesh Pai was instrumental in the launch and implementation of payment products and solutions on a global scale.
“I am excited to join PhonePe and take on the challenge of leading the International Payments business. PhonePe has already achieved market leadership in India, and I believe that our commitment to innovation and customer satisfaction will enable us to expand our payment technology to an international audience,” commented Ritesh Pai on his appointment.
This announcement follows PhonePe’s strategy of appointing CEOs for its various business verticals in November 2023. Hemant Gala was appointed as the CEO of the lending business, Vishal Gupta as the CEO of insurance, Vivek Lohcheb as the CEO of the e-commerce app Pincode, and Ujjwal Jain as the CEO of PhonePe’s wealth offerings under Share.Market. In August 2023, PhonePe ventured into the stock broking sector with Share(dot)Market.
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In addition to these leadership changes, PhonePe has been actively securing funding throughout the year. Since January 2023, the company has raised a total of $850 million in an ongoing funding round. These investments have been made across five tranches, valuing the company at $12 billion pre-money.
With Ritesh Pai’s appointment as CEO of International Payments and a strong commitment to innovation and growth, PhonePe is poised to continue its journey as a leading digital payments platform, not only in India but on the global stage as well.
