Binny Bansal, co-founder of Flipkart, has officially stepped down from the Board of Directors at PhonePe. Bansal had been a key figure on the board since 2016 when Flipkart acquired the digital payments platform. While he has exited the board, Bansal remains PhonePe’s largest individual minority shareholder. This follows his complete departure from Flipkart earlier this year, the e-commerce giant he co-founded with Sachin Bansal.
In a significant development, PhonePe has welcomed Manish Sabharwal as an Independent Director and Chair of its Audit Committee. Sabharwal, Vice-Chairman of TeamLease Services, brings extensive experience in financial oversight, risk management, and governance. His previous roles include serving on the Board of the Reserve Bank of India (RBI) and contributing to several national advisory bodies like the Comptroller and Auditor General (CAG) and the National Council of Applied Economic Research (NCAER).
PhonePe CEO and Founder Sameer Nigam highlighted Sabharwal’s contributions, stating, “His profound understanding of India’s macro economy and leadership in shaping policies for education, employment, and employability will drive us closer to our vision of a developed India by 2047.”
This year, PhonePe has been making strategic appointments, including naming Ritesh Pai as CEO of its international payments division. The company has also diversified into financial services such as insurance, lending, and wealth management, alongside launching consumer tech ventures like Pincode and Indus App Store.
Financially, PhonePe reported a 73.8% increase in operational revenue for the fiscal year ending March 2024, reaching ₹5,064 crore. Simultaneously, the company reduced its net losses by 28.6%, from ₹2,795 crore in FY23 to ₹1,996 crore in FY24.
This leadership transition and strategic growth underscore PhonePe’s ambition to solidify its position as a leader in digital payments and financial services.