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    Home / News / Business News / Flipkart co-founder Binny Bansal resigns from PhonePe board
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    Flipkart co-founder Binny Bansal resigns from PhonePe board
    Bansal was on PhonePe's board since 2016

    Flipkart co-founder Binny Bansal resigns from PhonePe board

    By Akash Pandey
    Nov 22, 2024
    05:43 pm

    What's the story

    Flipkart co-founder Binny Bansal has resigned from the board of directors at PhonePe. The decision comes three quarters after he had made a similar move at Flipkart.

    Bansal played a key role in Flipkart's acquisition of PhonePe in 2016 and has been on the board of the fintech firm since then.

    Neither party has revealed the reasons behind his departure.

    Board reshuffle

    New independent director appointed

    After Bansal's exit, PhonePe has announced the appointment of Manish Sabharwal, an executive at staffing and HR firm Teamlease.

    Sabharwal will be an independent director and chair of the audit committee at PhonePe.

    This marks a change in leadership as part of a broader board reshuffle at the Bengaluru-based fintech firm.

    Company growth

    Journey and market valuation

    Walmart-backed PhonePe runs India's top mobile payments app. The company split from Flipkart in 2022 and has since reached a market valuation of $12 billion.

    This valuation was established through funding rounds that raised nearly $850 million last year.

    Despite resigning from the board, Bansal still owns a stake of about 1% in PhonePe.

    Information

    PhonePe CEO expresses gratitude toward Bansal

    Sameer Nigam, PhonePe co-founder and CEO, thanked Bansal in a statement, noting Bansal was one of PhonePe's earliest and most steadfast supporters. Nigam said Bansal's active involvement, strategic guidance, and personal mentorship had significantly enriched their discussions. He ended by saying "Binny will be missed!"

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