Flipkart co-founder Binny Bansal has resigned from the board of directors of PhonePe, a digital payments company.
Binny Bansal holds 1% stake in PhonePe
This move marks his complete exit from the Walmart-backed ecosystem. Bansal had been on PhonePe’s board since Flipkart acquired the fintech startup in 2016. He still owns approximately 1% of the company.
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According to ET, PhonePe CEO Sameer Nigam said, “Binny has been one of PhonePe’s earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions.” Bansal’s resignation comes just months after he left Flipkart’s board in January 2024, where he sold his remaining stake in the e-commerce giant.
PhonePe appoints Manish Sabharwal, founder of TeamLease
Meanwhile, PhonePe has appointed Manish Sabharwal, founder of TeamLease Services, as its new independent director and audit committee chair. Sabharwal, who previously served on the Reserve Bank of India‘s board, will oversee the company’s financial reporting and risk management processes. The board restructuring comes at a time when PhonePe is reportedly preparing for an initial public offering (IPO).
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Further, PhonePe continues to lead India’s digital payments space with nearly 50% market share in UPI transactions. The company has recently expanded beyond payments into financial services, including insurance and lending. It has also launched new ventures such as the Pincode and Indus App Store.
Bansal’s exit from PhonePe’s board marks the end of an era for the company, which was acquired by Flipkart in 2016.
