PhonePe Insurance Broking Services CEO Vishal Gupta has stepped down to launch a new stealth startup.
In a LinkedIn post announcing his departure, Gupta said he is leaving PhonePe to start a new venture, describing it as the “natural next step” after working across startups including PhonePe, Flipkart, and Pine Labs.
Gupta joined PhonePe in 2016 as Vice President, leading product, UX/UI, risk, and customer experience. In November 2023, he was appointed CEO of PhonePe Insurance Broking Services to lead the company’s insurance distribution business.
His exit adds to a string of senior leadership departures at the Walmart-backed fintech company this year. In May, Ujjwal Jain, CEO of PhonePe’s stockbroking platform Share.Market and wealth management business, stepped down after a four-year stint. A month later, Akash Dongre, co-founder of PhonePe-owned Indus Appstore, also exited the company after more than a decade.
PhonePe has not announced a successor for Gupta.
PhonePe entered the insurance distribution business after securing an insurance broking licence in August 2021. Since then, the company has sold around 18.49 million insurance policies through September 2025.
As of April 2026, PhonePe had over 700 million registered users and continues to expand beyond digital payments into lending, insurance distribution, wealth management, and other financial services.
The company filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in January. However, it later deferred its initial public offering plans amid market volatility triggered by the Iran, Israel, and US conflict.
