PhonePe, the leading fintech platform, announced significant changes to its Board of Directors on Friday, with Flipkart co-founder Binny Bansal stepping down and seasoned industry leader Manish Sabharwal joining as an Independent Director and Chair of the Audit Committee.
Sabharwal’s appointment marks a pivotal moment for PhonePe as it continues to strengthen its governance framework. In his new role, Sabharwal will oversee the company’s financial reporting, internal controls, and risk management systems. “PhonePe also announced that Flipkart's co-founder, Binny Bansal has stepped down from its Board of Directors. Binny acquired PhonePe in 2016 and has been on its Board since then,” the company said in its official statement.
Expressing gratitude towards Bansal, Sameer Nigam, CEO and Founder of PhonePe, said, “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. Binny will be missed!”
Nigam also highlighted the significance of Sabharwal’s addition to the board. He added that Sabharwal's profound understanding of India's macro economy, combined with his leadership in shaping policies on education, employment, and employability, will prove invaluable as PhonePe advances towards the shared vision of a Viksit Bharat by 204.
Sabharwal, who currently serves as Vice-Chairman of Teamlease Services, India’s largest staffing and human capital firm, brings extensive expertise in employment policy and economic strategy. His leadership is expected to further bolster PhonePe’s vision and operational resilience.
Binny Bansal’s legacy at PhonePe traces back to 2016, when Flipkart acquired the payments firm, enabling its meteoric rise in India’s fintech landscape. Though PhonePe became an independent entity in 2022, Bansal’s guidance remained a cornerstone of its strategic direction.
As the company advances towards its ambitious goals, these changes to its Board signal a renewed focus on governance, innovation, and alignment with India’s broader development objectives.
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