PhonePe Insurance Arm’s CEO Vishal Gupta Steps Down

In another leadership exit at IPO-bound fintech major PhonePe, PhonePe Insurance Broking Services’ CEO Vishal Gupta has quit and founded a new stealth startup.

Taking to LinkedIn, Gupta said that he is moving on from PhonePe to “build from scratch, solve hard problems, find PMF, and earn the right to scale.” 

The IIM-B alum joined PhonePe as VP for product, UX/UI, risk and CX in 2016. He was elevated to helm the insurance vertical of the Walmart-owned fintech company in November 2023. Prior to his near decade long stint at PhonePe, Gupta has worked with companies like Flipkart, AOL and Pine Labs over a career spanning two and a half decades.

This marks the third such resignation at PhonePe’s subsidiaries in the last two months. In June, PhonePe-owned mobile app marketplace Indus Appstore’s cofounder and CPO Akash Dongre stepped down from his role without clarifying the rationale behind the move. 

Earlier, stockbroking arm and wealth management vertical Share.Market’s CEO Ujjwal Jain stepped down from his role after a near four-year stint in May this year.

These exits came at a time when PhonePe has deferred its IPO plans, citing market instability. After pre-filing for an IPO last year, the company had filed an updated DRHP with the SEBI in January 2026 after receiving the market regulator’s approval for its public float.

(The story will be updated soon)

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