Binny Bansal, a co-founder of Flipkart, has resigned from his position on the PhonePe board, the fintech business announced on Friday.
Manish Sabharwal was also named as an independent director and the chair of PhonePe’s audit committee.
According to an announcement from the firm, Sabharwal will play a key role in maintaining the efficacy and integrity of PhonePe’s internal controls, risk management procedures, and financial reporting.
“PhonePe also announced that Flipkart’s co-founder, Binny Bansal, has stepped down from its Board of Directors. Binny acquired PhonePe in 2016 and has been on its board since then,” the release said.
Commenting on the board rejig, 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. Binny will be missed!”
Nigam added that as PhonePe moves closer to its common goal of a Viksit Bharat by 2047, Sabharwal’s profound knowledge of India’s macroeconomic landscape and his leadership in creating the country’s job, education, and employability policies will be crucial. The largest employment and human capital company in India, Teamlease Services, has Sabharwal as its vice-chairman.
Bansal was a key player in Flipkart’s 2016 acquisition of PhonePe and has remained on the board ever since (the payments company split from Flipkart in 2022).
Also read: Viksit Workforce for a Viksit Bharat
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