Binny Bansal, one of the co-founders of Flipkart, has recently announced his decision to step down from the board of directors at PhonePe. This move comes shortly after he made a similar decision at the e-commerce giant, Flipkart. The Bengaluru-based company, PhonePe, has appointed Manish Sabharwal, an executive at Teamlease, as an independent director and audit committee chair.
PhonePe, which was acquired by Flipkart in 2016 with the help of Bansal, has since become one of the leading mobile payments apps in India. The fintech startup, now valued at $12 billion, separated from Flipkart in 2022 and raised approximately $850 million in funding last year. Despite stepping down from the board, Bansal still retains about 1% ownership in PhonePe.
The reasons behind Bansal’s departure from the board have not been disclosed by either party. However, Sameer Nigam, the co-founder and CEO of PhonePe, expressed his gratitude towards Bansal for his early support and guidance. Nigam highlighted Bansal’s active engagement, strategic advice, and mentorship as valuable contributions to the company.
This news marks a significant change in leadership at PhonePe, as the company continues to expand its presence in the competitive fintech industry. With Bansal’s departure, PhonePe will now look towards new leadership and direction to drive its growth and innovation in the mobile payments sector.
As the fintech industry continues to evolve and grow, the role of experienced leaders like Bansal becomes crucial in shaping the future of companies like PhonePe. The appointment of Manish Sabharwal as an independent director brings fresh perspective and expertise to the board, signaling a new chapter for PhonePe under his leadership.
Moving forward, PhonePe will need to navigate the challenges and opportunities in the rapidly changing fintech landscape. With the support of its new leadership team and the continued guidance of experienced industry professionals, PhonePe is well-positioned to maintain its position as a leader in the mobile payments space in India.
Overall, Bansal’s departure from PhonePe’s board marks a significant moment in the company’s journey, signaling a new phase of growth and innovation under the guidance of its new leadership team. As the fintech industry continues to evolve, PhonePe remains committed to providing innovative and reliable mobile payment solutions to its customers across India.
