Winning Bizness Desk

Binny Bansal Resigns from PhonePe Board, CEO’s Appreciaties

Mumbai. Binny Bansal, co-founder of Flipkart, has stepped down from the board of PhonePe, Flipkart’s payment company, on November 22. This decision comes nearly 10 months after he resigned from Flipkart’s board. This new appointment comes at a time when PhonePe has shifted its base from Singapore back to India last year, reflecting its focus on the Indian market. Notably, in January 2024, Bansal launched a new venture called Oppdoor. Citing a conflict of interest, he decided to leave Flipkart earlier this year. He had been part of PhonePe’s board since 2016, when Flipkart acquired the payments company.

PhonePe CEO’s Appreciation

PhonePe’s CEO and founder, Sameer Nigam, expressed gratitude towards Bansal for his contributions. Nigam said, “I deeply thank Binny Bansal for being one of PhonePe’s earliest and most committed supporters. His active engagement, strategic guidance, and personal mentorship added immense depth to our discussions.”

Separation of Flipkart and PhonePe

In 2022, Flipkart and PhonePe announced a complete ownership separation, allowing both companies to operate independently. This marked a significant step for PhonePe to grow as a standalone entity in the fintech space. PhonePe has appointed Manish Sabharwal, Vice Chairman of TeamLease Services, as an independent director and chairman of the company’s audit committee. Sabharwal will oversee financial reporting, internal controls, and risk management practices at PhonePe.

Manish Sabharwal’s Background

Before joining PhonePe, Manish Sabharwal served as an independent director on the Reserve Bank of India’s (RBI) board. He is also a member of the advisory board for the Comptroller and Auditor General (CAG) and part of the governing board of the National Council of Applied Economic Research (NCAER).