Flipkart co-founder Binny Bansal steps down from PhonePe board, marking complete exit from Walmart's India business

Flipkart co-founder Binny Bansal has resigned from PhonePe 's board of directors, marking his complete exit from the Walmart-backed ecosystem. The move comes just months after his departure from Flipkart's board in January 2024, where he sold his remaining stake in the e-commerce giant.

Bansal, who had been on PhonePe's board since Flipkart acquired the fintech startup in 2016, still maintains approximately 1% ownership in the digital payments company.

PhonePe CEO Sameer Nigam acknowledged Bansal's long-standing support, stating, "Binny has been one of PhonePe's earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions."

PhonePe has appointed TeamLease Services founder Manish Sabharwal as its new independent director and audit committee chair. Sabharwal, who previously served on the Reserve Bank of India 's board, will oversee the company's financial reporting and risk management processes.

The board restructuring comes at a time for PhonePe, which separated from Flipkart in December 2022 and is reportedly preparing for an IPO.

PhonePe continues to lead India's digital payments space with nearly 50% market share in UPI transactions . The company has recently expanded beyond payments into financial services including insurance and lending, while also launching new ventures such as the Pincode and Indus App Store.