Flipkart co-founder Binny Bansal resigns from PhonePe board
Flipkart co-founder Binny Bansal has resigned from the board of directors at PhonePe. The decision comes three quarters after he had made a similar move at Flipkart. Bansal played a key role in Flipkart's acquisition of PhonePe in 2016 and has been on the board of the fintech firm since then. Neither party has revealed the reasons behind his departure.
New independent director appointed
After Bansal's exit, PhonePe has announced the appointment of Manish Sabharwal, an executive at staffing and HR firm Teamlease. Sabharwal will be an independent director and chair of the audit committee at PhonePe. This marks a change in leadership as part of a broader board reshuffle at the Bengaluru-based fintech firm.
Journey and market valuation
Walmart-backed PhonePe runs India's top mobile payments app. The company split from Flipkart in 2022 and has since reached a market valuation of $12 billion. This valuation was established through funding rounds that raised nearly $850 million last year. Despite resigning from the board, Bansal still owns a stake of about 1% in PhonePe.
PhonePe CEO expresses gratitude toward Bansal
Sameer Nigam, PhonePe co-founder and CEO, thanked Bansal in a statement, noting Bansal was one of PhonePe's earliest and most steadfast supporters. Nigam said Bansal's active involvement, strategic guidance, and personal mentorship had significantly enriched their discussions. He ended by saying "Binny will be missed!"
