Flipkart Co-Founder Binny Bansal resigns from PhonePe's Board of Directors
Flipkart co-founder Binny Bansal has left the board of directors of PhonePe. Since Flipkart purchased PhonePe in 2016, Bansal has been on the board. Notably, in December 2022, the digital payments company split from Flipkart.
Binny is still PhonePe's largest individual minority stakeholder, nevertheless, and has not sold his position. He co-founded the e-commerce platform Flipkart with Sachin Bansal, but he completely left the company in January.
In a related move, Manish Sabharwal was named the Chair of PhonePe's Audit Committee and an Independent Director. He will be crucial to maintaining the efficacy and integrity of PhonePe's internal controls, risk management procedures, and financial reporting.
The largest employment and human resources company in India, TeamLease Services, has Sabharwal as its vice-chairman. He previously held the position of Independent Director on the Reserve Bank of India (RBI) Board. In addition, he serves on the National Council of Applied Economic Research's (NCAER) governing board and the Comptroller and Auditor General's (CAG) advisory council.
"As PhonePe moves closer to our shared vision of a Viksit Bharat by 2047, his [Sabharwal] extraordinary depth of understanding of India's macro economy, coupled with his leadership in shaping India's policies for education, employment, and employability, will be invaluable," said Sameer Nigam, CEO and founder of PhonePe.
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