Co-founder Binny Bansal has resigned from the board of e-commerce giant Flipkart's payment company PhonePe on Friday (November 22). Binny Bansal has taken this decision about 10 months after stepping down from the board of Flipkart.
Binny Bansal had left Flipkart in January this year after launching his new venture Oppador, citing conflict of interest. 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
Sameer Nigam, Chief Executive Officer (CEO) and Founder, PhonePe, said, 'I would like to express my heartfelt gratitude to Binny Bansal for being one of the earliest and staunchest supporters of PhonePe. His active engagement, strategic guidance and personal mentorship have deeply enriched our discussions.
In 2022, Flipkart and PhonePe had announced complete ownership separation of the fintech company. Due to which both the companies were allowed to work as separate entities.
PhonePe appoints Manish Sabharwal as independent director
Meanwhile, PhonePe announced the appointment of Manish Sabharwal, vice chairman of TeamLease Services, as 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 served as an Independent Director on the Board of 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 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.
Graphics Source: VaskarAssets
