Binny Bansal, co-founder of Flipkart, has resigned from the board of directors of Indian fintech company PhonePe. This follows a similar departure from Flipkart three quarters prior. PhonePe has appointed Manish Sabharwal, an executive at Teamlease, as an independent director and audit committee chair.
Bansal was instrumental in Flipkart's 2016 acquisition of PhonePe and has served on the board since then. PhonePe, India's leading mobile payments app, became independent from Flipkart in 2022 and was valued at $12 billion last year after raising $850 million. Read about StoreCash's recent funding round.
Bansal remains the largest individual minority investor in PhonePe, holding about a 1% stake. Reasons for his departure were not disclosed. PhonePe CEO Sameer Nigam expressed gratitude for Bansal's support and guidance. For more on fintech developments, check out Anthropic's recent funding from Amazon.
Key Highlights
- Binny Bansal resigns from PhonePe's board.
- Manish Sabharwal appointed as independent director.
- Bansal remains a significant minority investor.
This move marks a significant shift for PhonePe as it continues to operate independently. For related news on mobile platforms, see Threads' platform enhancements.