Binny Bansal Exits PhonePe Board After Long Association

After nearly eight years of association, Binny Bansal, co-founder of Flipkart, has stepped down from the board of PhonePe. This move comes 10 months after he resigned from Flipkart’s board, citing a conflict of interest tied to his new venture, OppDoor.

Bansal joined the PhonePe board in 2016 when Flipkart acquired the fintech company. Reflecting on his contributions, PhonePe’s CEO and founder, Sameer Nigam, 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.”

The separation of Flipkart and PhonePe as independent entities in 2022 was a landmark event, allowing both to chart their paths in their respective markets.

Leadership Strengthened with New Appointment

To bolster its leadership, PhonePe has appointed Manish Sabharwal, vice-chairman of Teamlease Services, as an independent director and Chair of the Audit Committee. Sabharwal will oversee critical aspects like financial reporting and risk management.

Nigam highlighted Sabharwal’s expertise, saying, “His incredible depth of understanding of India’s macroeconomy and leadership in shaping education and employment policies will be invaluable as we progress towards a shared vision of a Viksit Bharat by 2047.”

Sabharwal, a seasoned leader, has previously served on the RBI board and is part of the Advisory Board for the Comptroller and Auditor General (CAG).

This development comes as PhonePe continues to solidify its presence in India following its reverse flip from Singapore in 2023.

Binny Bansal Resigns from PhonePe Board, Ends Eight-Year Tenure

Flipkart co-founder Binny Bansal has stepped down from the PhonePe board, marking the end of his eight-year association with the fintech firm. Bansal, who also resigned from Flipkart’s board earlier this year, had played a pivotal role in PhonePe’s journey since 2016.

Sameer Nigam, CEO and founder of PhonePe, expressed gratitude for Bansal’s contributions, stating, “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”.

Since separating from Flipkart in 2022, PhonePe has been forging its path as an independent entity. The company’s leadership is now being strengthened with the appointment of Manish Sabharwal as an independent director and Chair of the Audit Committee. Sabharwal’s vast experience in India’s economic and policy landscape is expected to bring a fresh perspective to PhonePe’s governance.

The leadership shift aligns with PhonePe’s commitment to operating as an India-focused company after relocating from Singapore in 2023. The company is poised to drive growth with its vision of contributing to a developed India by 2047.

Binny Bansal Leaves PhonePe Board; Manish Sabharwal Joins as Director

Binny Bansal, co-founder of Flipkart, has exited the board of PhonePe, concluding his eight-year association with the fintech company. This comes less than a year after he resigned from Flipkart’s board.

PhonePe has appointed Manish Sabharwal, vice-chairman of Teamlease Services, as an independent director and Chair of its Audit Committee. Sabharwal’s role will involve oversight of financial reporting and risk management practices.

Nigam expressed confidence in the new appointment, emphasizing Sabharwal’s expertise in India’s macroeconomic and policy landscape and stated: “His incredible 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 as PhonePe continues to work ahead towards our shared vision of a Viksit Bharat by 2047.” 

The leadership changes come as PhonePe focuses on solidifying its operations in India after its reverse flip from Singapore last year. The company remains committed to driving innovation and contributing to India’s long-term development.

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