Binny Bansal Steps Down From PhonePe; Manish Sabharwal Appointed Independent Director

Binny Bansal, co-founder of Flipkart, has stepped down from PhonePe’s board. Bansal had been involved with PhonePe since its acquisition by Flipkart in 2016.

After Walmart chose to spin off PhonePe as an independent company last year, Bansal remained involved with the firm. However, he stepped down from his role at Flipkart earlier this year, following the launch of his new venture, OppDoor.

"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. Binny will be missed!," PhonePe Founder and Chief Executive Officer Sameer Nigam said in a media statement.

Bansal has remained engaged in the startup ecosystem, actively participating as an angel investor.

PhonePe also announced the appointment of Manish Sabharwal as an Independent Director and Chair of its Audit Committee. Sabharwal will take charge of overseeing the company’s financial reporting, internal controls, and risk management practices.

Sabharwal is Vice-Chairman of Teamlease Services, India’s largest staffing and human capital firm, and has served on several policy committees and held prominent roles, including Independent Director on the Reserve Bank of India’s board and governing board member at the National Council of Applied Economic Research.