[ad_1]
Flipkart co-founder Binny Bansal has stepped down from the board of PhonePe, three quarters after making a similar move at the e-commerce giant.
Bengaluru-based PhonePe said it has appointed Manish Sabharwal, an executive at recruitment and human resources company Teamlease, as an independent director and chairman of the audit committee.
Bansal played a key role in Flipkart’s acquisition of PhonePe in 2016 and has remained on the fintech company’s board since then. The Walmart-backed startup, which runs India’s top mobile payments app, branched out from Flipkart in 2022 and was valued at $12 billion in funding rounds that raised about $850 million last year.
Bansal still owns about 1% of PhonePe. Neither party stated the reason for leaving the council.
“I would like to express my sincere gratitude to Binny Bansal for being one of the earliest and strongest supporters of PhonePe,” Sameer Nigam, co-founder and CEO of PhonePe, said in a statement. His active participation, strategic guidance and personal guidance have profoundly enriched our discussions. We will miss Penny!”
[ad_2]