PhonePe discloses CXO pay ahead of IPO; CEO, co-founder drew Rs 2.6 crore each in FY25
IPO-bound PhonePe has disclosed remuneration details of its senior leadership team in its draft red herring prospectus
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As it prepares for a public listing, Walmart-backed fintech firm PhonePe has disclosed remuneration details of its senior leadership team in its draft red herring prospectus (DRHP), offering a closer look at what the company’s top executives earned in FY25.
PhonePe’s Chief Executive Officer Sameer Nigam, who was appointed CEO on March 6, 2024, and re-appointed as a whole-time director for a five-year term effective April 1, 2024, drew a remuneration of Rs 2.6 crore in FY25. The company has approved a gross salary of Rs 2.75 crore per annum for Nigam for a three-year period starting May 1, 2025, with total gross compensation, excluding perquisites and other entitlements, set at Rs 4.33 crore annually.
Rahul Chari, co-founder of PhonePe and whole-time director, received remuneration of Rs 2.6 crore during FY25. Chari was also re-appointed as a whole-time director for a five-year term effective April 1, 2024. His approved gross salary stands at Rs 2.75 crore per annum, with total compensation excluding perquisites and other entitlements amounting to Rs 4.33 crore annually.
Non-executive chairman Rohit Bansal Bhagat was paid remuneration of Rs 2.2 crore per annum. In addition, PhonePe approved an extra remuneration of Rs 6.3 crore, subject to applicable taxes, to be paid to Bhagat as an independent director and chairperson of the board from May 15, 2025 until the completion of the IPO, in tranches and for a period not exceeding three years.
Chief Financial Officer Adarsh Nahata received remuneration of Rs 2.5 crore in FY25, excluding employee stock option (ESOP) perquisites valued at Rs 18.8 crore.
Hemant Manilal Gala, Chief Executive Officer of PhonePe’s lending business, earned Rs 2.4 crore during FY25, excluding ESOP-related perquisites worth Rs 19.1 crore, paid through PhonePe Lending Services Private Limited.
Sonika Chandra, Chief Business Officer of the consumer payments business, received remuneration of Rs 2.1 crore in FY25, excluding ESOP perquisites valued at Rs 3.9 crore.
Karthik Raghupathy, Vice President – Corporate Strategy and Head of Investor Relations, earned Rs 2.46 crore during the year, excluding ESOP-related perquisites amounting to Rs 14.6 crore.
Vivek Lohcheb, Chief Executive Officer of Pincode Shopping Solutions Private Limited, received remuneration of Rs 2.3 crore in FY25, excluding ESOP perquisites valued at Rs 11.9 crore.
Yuvraj Singh Shekhawat, Chief Business Officer – Merchant Business, earned Rs 1.9 crore during FY25, excluding ESOP perquisites of Rs 5.6 crore.
PhonePe’s proposed IPO will be entirely an offer for sale by existing shareholders, with no fresh issue component.
