According to media reports, Flipkart co-founder Binny Bansal has resigned from the board of PhonePe, marking a significant change in the leadership of the fintech giant. Following his departure, Manish Sabharwal, Vice-Chairman of TeamLease Services, has been appointed as an Independent Director and Chair of the company’s Audit Committee.
Reports suggest that Sabharwal's role will involve strengthening the company’s financial governance, risk management, and internal control frameworks. His extensive experience in macroeconomic policy and labor markets is expected to bring strategic insights as PhonePe navigates its growth trajectory.
Speaking on the board changes, 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!”
“We are also thrilled to welcome Manish Sabharwal to the PhonePe board. 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.”
PhonePe, which recently shifted its domicile back to India, is believed to be aligning its governance structure to support its long-term vision. This development underscores the company’s commitment to scaling its operations while adhering to robust regulatory and financial standards.
Bansal’s exit follows years of active involvement and mentorship at PhonePe, which he supported since its inception. Meanwhile, Sabharwal’s previous roles, including serving on the board of the Reserve Bank of India and contributing to economic policy think tanks, highlight his expertise in governance and policy-making.
This change comes at a time when PhonePe has reverse-flipped to India, reportedly aiming to achieve its ambitious growth and innovation goals.
