PhonePe appoints Manish Sabharwal as independent director, Binny Bansal steps down

Digital payments giant PhonePe has appointed Manish Sabharwal as an independent director and chair of its audit committee. In this role, Sabharwal will be upholding the integrity and effectiveness of PhonePe's financial reporting, internal controls, and risk management practices, the company said.

Sabharwal, who is Vice-Chairman of staffing and human capital firm Teamlease Services, serves on various policy committees for education, employment and employability. He served as an Independent Director on the Board of the Reserve Bank of India (RBI).

He is a Member of Advisory Board of the Comptroller and Auditor General (CAG) and a governing board member of National Council of Applied Economic Research (NCAER). He is also Managing Trustee of the New India Foundation, which offers fellowships for writing books about post-1947 India, and is a columnist for The Indian Express. He got his MBA from The Wharton School and is an alumnus of Shriram College, Delhi and Mayo College, Ajmer.

PhonePe also announced that Flipkart Co-founder Binny Bansal has stepped down from its Board of Directors. Binny acquired PhonePe in 2016 and has been on its Board since then.

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“I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe's earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!” said Sameer Nigam, CEO and Founder of PhonePe.

“We are also thrilled to welcome Manish Sabharwal to the PhonePe board. His incredible depth of understanding of India's macro economy, coupled with his leadership in shaping India's policies for education, employment, and employability will be invaluable as PhonePe continues to work ahead towards our shared vision of a Viksit Bharat by 2047,” he added.