Binny Bansal Resigns from PhonePe Board

Binny Bansal, co-founder of Flipkart, has stepped down from the board of PhonePe, a fintech firm he helped to establish following Flipkart's acquisition of the payments platform in 2016. His departure follows a similar exit from Flipkart's board earlier this year and comes as PhonePe continues to operate independently after separating from Flipkart in 2022. PhonePe has appointed Manish Sabharwal, Vice-Chairman of TeamLease Services, as an Independent Director and Chair of its Audit Committee, tasked with overseeing financial reporting and risk management. Sameer Nigam, CEO and Founder of PhonePe, expressed gratitude for Bansal's mentorship and support, stating that his contributions significantly enriched the company's discussions. Bansal remains a minority shareholder in PhonePe, owning approximately 1%. The changes are part of PhonePe's ongoing evolution as it aims for growth in the Indian market.