Flipkart co-founder Binny Bansal exits PhonePe board, company appoints Manish Sabharwal

Flipkart co-founder Binny Bansal has resigned from the board of PhonePe, marking his second departure from a Walmart-backed company. 

Bansal has been a board member since Flipkart acquired PhonePe in 2016. His resignation follows his exit from Flipkart's board earlier this year, where he left to focus on his venture, OppDoor.  

Sameer Nigam, founder and CEO of PhonePe, said, “His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!”

The reasons for Bansal’s departure from PhonePe’s board have not been disclosed.  

New leadership and expansion at PhonePe

PhonePe has announced the appointment of Manish Sabharwal, vice-chairman of TeamLease Services, as an independent director and chair of the audit committee. 

Sabharwal is a veteran in India’s staffing and economic policymaking sectors, having previously served on the Reserve Bank of India's board. Nigam welcomed him to the board, emphasizing his expertise in India's macroeconomy and policy development.  

Sabharwal stated that his role will involve strengthening PhonePe’s financial reporting, internal controls, and risk management processes.  

In addition to governance shifts, PhonePe has continued its aggressive expansion. Earlier this year, it appointed Ritesh Pai as CEO of its international payments business.

The Bengaluru-based UPI payments giant has also forayed into financial services such as insurance, lending, and wealth management, alongside new consumer tech offerings like Pincode and Indus App Store.

“We are also thrilled to welcome Manish Sabharwal to the PhonePe board. 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," Nigam added.