Flipkart's Binny Bansal steps down from fintech major PhonePe board

In January this year, Bansal also stepped down from Flipkart's board. He had been on the PhonePe board since 2016, when the Flipkart group acquired the payments firm

About 10 months after stepping down from the Flipkart board, its co-founder Binny Bansal on Friday exited from the board of PhonePe, a payments company incubated by the e-commerce giant.

  Bansal had quit Flipkart in January this year citing conflict of interest, after he had launched his new venture, OppDoor.

 

He was on the PhonePe board since 2016 when the Flipkart group acquired the payments firm.

 

“I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe’s earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions,” said Sameer Nigam, chief executive officer (CEO) and founder, PhonePe.

 

In 2022, Flipkart and PhonePe announced the complete ownership separation of the fintech company allowing both companies to operate as individual entities.

 

Meanwhile, PhonePe announced the appointment of Manish Sabharwal, vice-chairman at Teamlease services, as an independent director and Chair of its Audit Committee. In this capacity, Sabharwal would have a view over the company’s financial reporting, internal controls, and risk management practices.

 

On Sabharwal’s appointment, Nigam added, “His incredible depth of understanding of India’s macro economy, coupled with his leadership in shaping India’s policies for education, employment, and employability will be invaluable as PhonePe continues to work ahead towards our shared vision of a Viksit Bharat by 2047.”

 

The Teamlease executive has previously served as an independent director on the Board of the Reserve Bank of India (RBI).

 

He is a Member of Advisory Board of the Comptroller and Auditor General (CAG) and a governing board member of National Council of Applied Economic Research (NCAER).

 

The new appointment comes as the fintech firm has reverse flipped to India from Singapore last year.