Bengaluru-based fintech giant PhonePe announced on Friday that Flipkart co-founder Binny Bansal has stepped down from its board of directors. Bansal, who joined the PhonePe board in 2016 following Flipkart’s acquisition of the payments platform, had also exited Flipkart’s board earlier this year in January.
This marks another milestone in the evolution of PhonePe, which in 2022 finalised its separation from Flipkart, allowing both companies to operate as independent entities.
In a significant development, PhonePe has appointed Manish Sabharwal, vice-chairman of Teamlease Services, as an independent director and chair of its audit committee. Sabharwal will oversee the company’s financial reporting, internal controls, and risk management efforts.
Expressing gratitude to Bansal, Sameer Nigam, CEO and founder of PhonePe, said, “I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe’s earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions.”
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Commenting on Sabharwal’s appointment, Nigam highlighted his expertise, “His incredible depth of understanding of India’s macro economy, coupled with his leadership in shaping policies for education, employment, and employability, will be invaluable as PhonePe works towards our shared vision of a Viksit Bharat by 2047.”
Sabharwal, a prominent figure in economic policymaking, also serves on the advisory board of the Comptroller and Auditor General (CAG) and the governing board of the National Council of Applied Economic Research (NCAER).
The announcement comes as PhonePe continues to expand its footprint, following its reverse-flip to India from Singapore last year, aligning with the company’s growth ambitions in the Indian market.
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