Co-founder Binny Bansal has resigned from the board of e-commerce giant Flipkart’s payment company PhonePe on Friday (22 November). Binny Bansal has taken this decision almost 10 months after stepping down from Flipkart’s board. Binny Bansal left Flipkart in January this year citing conflict of interest after starting his new venture Oppador. He was on the PhonePe board since 2016, when Flipkart Group acquired the payments firm. I express my heartfelt gratitude to Binny Bansal: PhonePe CEO PhonePe Chief Executive Officer (CEO) and Founder Sameer Nigam said, ‘I would like to express my heartfelt gratitude to Binny Bansal for being one of the earliest and most staunch supporters of PhonePe. His active engagement, strategic guidance and personal mentorship have deeply enriched our discussions.’ In 2022, Flipkart and PhonePe announced the complete ownership separation of the fintech company. Which allowed both the companies to operate as separate entities. PhonePe appointed Manish Sabharwal as independent director Meanwhile, PhonePe announced the appointment of Manish Sabharwal, Vice Chairman of TeamLease Services, as an independent director and chairman of its audit committee. In this position, Sabharwal will oversee the company’s financial reporting, internal controls and risk management practices. Manish has worked as an independent director on the board of RBI. The executive officer of TeamLease has previously worked as an independent director on the board of the Reserve Bank of India i.e. RBI. He is a member of the Advisory Board of the Comptroller and Auditor General CAG. Apart from this, he is also a member of the Governing Board of the National Council of Applied Economic Research (NCAER). This new appointment comes at a time when the fintech firm has returned to India from Singapore last year.
