Nov 22: Binny Bansal, co-founder of Flipkart, has stepped down from the board of directors at PhonePe. Bansal played a key role in Flipkart’s acquisition of PhonePe in 2016 and has served on the digital payments firm’s board since then.

Despite stepping down, Bansal retains about 1% ownership in PhonePe and remains its largest individual minority shareholder.

In January this year, Bansal also resigned from Flipkart's board. PhonePe, which officially separated from Flipkart in December 2022, was valued at $12 billion during its last funding round.

In a separate announcement, PhonePe has appointed Manish Sabharwal as an independent director and chair of its audit committee. Sabharwal, who is a top executive at a staffing firm TeamLease Services, will oversee PhonePe's financial reporting, risk management, and internal controls. Previously, he also served as an independent director of the Reserve Bank of India.

PhonePe CEO Sameer Nigam highlighted Sabharwal’s insights into India’s economic landscape and his contributions to policies in education and employment, viewing these as assets for the company’s ambitious vision of a “Viksit Bharat” (Developed India) by 2047.

Earlier this year, PhonePe also appointed former Yes Bank executive Ritesh Pai as CEO of its international payments business.

For FY24, PhonePe posted a 73.8% surge in revenue to Rs 5,064 crore. It also posted reduction in net losses by 28.6% to Rs 1,996 crore, compared to Rs 2,795 crore in the previous year in FY23.