Binny Bansal, co-founder of Flipkart, has officially stepped down from the board of directors at PhonePe, marking another significant exit following his departure from Flipkart’s board earlier this year. This transition brings an end to Bansal’s long-standing involvement with the leading Indian fintech company.
A Legacy of Key Contributions
Bansal’s role in shaping PhonePe’s trajectory has been pivotal. He was instrumental in Flipkart’s acquisition of PhonePe back in 2016, a move that catalyzed the growth of the mobile payments app. Over the years, he has been a constant presence on the PhonePe board, providing strategic guidance during its most transformative phases.
In 2022, PhonePe branched out from Flipkart to operate as an independent entity. The Walmart-backed startup has since grown into India’s top mobile payments app, achieving a valuation of $12 billion after securing $850 million in funding rounds last year. Despite stepping down, Bansal continues to hold approximately a 1% stake in the company.
Leadership Changes at PhonePe
Following Bansal’s departure, PhonePe announced the appointment of Manish Sabharwal, a prominent executive at staffing and HR firm Teamlease, as an independent director and the new chair of the audit committee. Sabharwal’s addition to the board is expected to bring fresh perspectives as PhonePe continues to expand its footprint in the Indian fintech market.
Farewell Messages
Neither Bansal nor PhonePe provided details about the reasons for his exit. However, Sameer Nigam, PhonePe’s co-founder and CEO, expressed deep appreciation for Bansal’s contributions.
“I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe’s earliest and staunchest supporters,” Nigam said in a statement. “His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!”
Looking Ahead
Bansal’s departure marks the end of an era for PhonePe, but the company remains well-positioned for growth. With its strong market position, independent governance, and the addition of new leadership, PhonePe is poised to continue leading India’s digital payments revolution. Meanwhile, Bansal’s enduring legacy and influence on India’s tech ecosystem remain undisputed.
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