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Flipkart co - father Binny Bansal has ill-use down from Indian fintech PhonePe ’s control board of directors , three quarters aftermaking a similar move at the e - commerce giant .
Bengaluru - headquartered PhonePe said it had charge Manish Sabharwal , an executive at staffing and HR firm Teamlease , as an self-governing film director and audit committee chair .
Bansal play a primal role in Flipkart ’s acquisition of PhonePe in 2016 and has served on the fintech ’s board ever since . PhonePe , which maneuver the top mobile payment app in India , branched out of Flipkart in 2022 , and as of last year wasvalued at $ 12 billionin funding rounds that netted about $ 850 million .
Bansal still owns about 1 % of PhonePe and is the largest individual nonage investor in the house . Neither of the parties shared why he was go forth the board .
“ I would like to express my devout gratitude to Binny Bansal for being one of PhonePe ’s earliest and staunchest supporters , ” Sameer Nigam , co - founder and chief executive of PhonePe , said in a affirmation . “ His active engagement , strategic steering , and personal mentorship have deeply enriched our discussion . Binny will be missed ! ”
