Indian fintech major PhonePe has appointed former Meta India public policy head Shivnath Thukral as vice president for public policy and government affairs, ahead of its initial public offering (IPO).

Thukral will be part of the leadership team and will be responsible for leading discussions with policy makers and regulators, the company said in a statement.

"He (Thukral) comes with a rich experience and deep understanding of public policy, regulatory frameworks, and strategic advocacy," Sameer Nigam, co-founder, PhonePe, said in the statement.

Thukral, who had joined Meta in 2017, had stepped down from the tech giant last month.

Earlier last month, the Bloomberg reported that PhonePe plans to file its draft red herring prospectus (DRHP with the markets regulator Securities and Exchange Board of India (SEBI) by the end of August. The company aims to raise as much as $1.5 billion via its IPO at a valuation of $15 billion, the report said.

The Bengaluru-based company, co-founded by Nigam and Rahul Chari in 2015, was acquired by the Flipkart group in 2016 and has raised external funding over the years. In 2023, PhonePe had secured $100 million as part of its $1 billion funding round at a pre-money valuation of $12 billion.

Walmart, which acquired Flipkart in 2018, continues to be a major shareholder in PhonePe. Other investors in PhonePe include Microsoft, Tiger Global, General Atlantic, Ribbit Capital, Tencent, TVS Capital and Qatar Investment Authority.