PhonePe also announced the appointment of Manish Sabharwal as an independent director and chairman of its audit committee.
Flipkart co-founder Binny Bansal has resigned from the board of PhonePe, the fintech company said on Friday.
PhonePe also announced the appointment of Manish Sabharwal as an independent director and chairman of its audit committee.
In this role, Sabharwal will be instrumental in maintaining the integrity and effectiveness of PhonePe’s financial reporting, internal controls and risk management practices, the company said in a release.
“PhonePe also announced that Binny Bansal, co-founder of Flipkart, has resigned from its board of directors. Binny acquired PhonePe in 2016 and has been on its board ever since,” the release said.
Commenting on the board rejig, Sameer Nigam, CEO and Founder, PhonePe said, “I would like to express my heartfelt thanks to Binny Bansal for being one of the earliest and staunchest supporters of PhonePe. His active engagement, strategic guidance and personal mentorship have greatly enriched our discussions. Binnie will be missed!”
The corporation further said that Sabharwal’s deep understanding of India’s macro economy, his leadership in shaping India’s policies for education, employment and employment will be invaluable as PhonePe continues to work towards the shared vision of a developed India by 2047.
Sabharwal is the Vice-Chairman of TeamLease Services, India’s largest staffing and human capital firm.
Bansal was instrumental in Flipkart’s acquisition of PhonePe in 2016 and has been on its board ever since (the payments firm spun off from Flipkart in 2022).