Binny Bansal Steps Down as PhonePe Board Reshuffles

Binny Bansal, co-founder of Flipkart, has resigned from PhonePe's board. The company appointed Manish Sabharwal as an Independent Director and Audit Committee Chair. Sabharwal aims to enhance PhonePe's financial reporting and risk management. Bansal's departure marks a significant change after previously playing a key role in PhonePe's acquisition.

Flipkart co-founder Binny Bansal has officially resigned from the board of fintech company PhonePe, marking a pivotal shift within the organization. This leadership change comes as the company announced Manish Sabharwal's appointment as an Independent Director and Chair of its Audit Committee.

In his new role, Sabharwal is expected to play a crucial role in strengthening PhonePe's financial reporting, internal controls, and risk management, the company revealed in a recent statement. The move underscores PhonePe's commitment to maintaining high standards of financial integrity and governance.

Reflecting on this transition, Sameer Nigam, CEO and Founder of PhonePe, expressed deep appreciation for Bansal's invaluable contributions and unwavering support. Meanwhile, Sabharwal's extensive knowledge of India's macroeconomic landscape positions him well to help PhonePe pursue its vision of a developed India by 2047.

(With inputs from agencies.)