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PhonePe has announced that Flipkart’s co-founder, Binny Bansal has stepped down from its Board of Directors. Meanwhile, the fintech major appointed Manish Sabharwal, the Vice-Chairman of staffing firm TeamLease Services, as an Independent Director and Chair of its Audit Committee.
Change at the helm
In this role, Manish will “uphold the integrity and effectiveness” of PhonePe’s financial reporting, internal controls, and risk management practices, the company said.
Speaking on the board changes, Sameer Nigam, its CEO and Founder said, “I would like to express my heartfelt gratitude to Binny 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!”
He added, “We are also thrilled to welcome Manish 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.”
Manish served as an Independent Director on the Board of the Reserve Bank of India . He is a member of the Advisory Board of the Comptroller and Auditor General and a governing board member of National Council of Applied Economic Research .
This change comes at a time when PhonePe has reverse-flipped to India.
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