Flipkart co-founder Binny Bansal has stepped down from PhonePe’s board of administrators, three quarters after making an analogous transfer on the e-commerce large.
Bengaluru-headquartered PhonePe stated it had appointed Manish Sabharwal, an govt at staffing and HR agency Teamlease, as an unbiased director and audit committee chair.
Bansal performed a key function in Flipkart’s acquisition of PhonePe in 2016 and sat on the fintech’s board ever since. The Walmart-backed startup, which operates the highest cell funds app in India, branched out of Flipkart in 2022 and was valued at $12 billion in funding rounds that netted about $850 million final yr.
Bansal nonetheless owns about 1% of PhonePe. Neither of the events shared why he was leaving the board.
“I wish to categorical my heartfelt gratitude to Binny Bansal for being one in every of PhonePe’s earliest and staunchest supporters,” Sameer Nigam, co-founder and chief govt of PhonePe, stated in an announcement. His lively engagement, strategic steering, and private mentorship have profoundly enriched our discussions. Binny might be missed!”
