Binny Bansal, co-founder of Flipkart, has quit PhonePe’s board of directors. This is three quarters of a year after doing the same thing at Flipkart.
PhonePe, based in Bengaluru, said it had hired Manish Sabharwal, a manager at the staffing and HR company Teamlease, as an independent member and chair of the audit committee.
In 2016, Bansal was a key part of Flipkart’s deal to buy PhonePe. He has since been on the board of the fintech company. The Walmart-backed startup runs India’s best mobile payments app. It split off from Flipkart in 2022 and was valued at $12 billion in funding rounds that brought in about $850 million last year.
Bansal still has a small stake in PhonePe, about 1%. He wasn’t telling anyone why he was leaving the board.
Also Read: Youtube Expands Its Affiliate Scheme to India and Teams Up With Flipkart to Do So
I would like to show my deepest gratitude to Binny Bansal for being one of PhonePe’s earliest and staunchest supporters’, said Sameer Nigam, co-founder and CEO of PhonePe. His active participation, strategic advice, and personal direction have made our conversations so much better. We will miss Binny!”
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