Posted: 2:46 AM PST · November 22, 2024
Image Credits: AFP / Getty Images
Manish Singh
Flipkart co-founder Binny Bansal has stepped down from Indian fintech PhonePe’s board of directors, three quarters after making a similar move at the e-commerce giant.
PhonePe’s Latest Development
Bengaluru-headquartered PhonePe said it had appointed Manish Sabharwal, an executive at staffing and HR firm Teamlease, as an independent director and audit committee chair. This appointment comes at a time when PhonePe is expanding its operations in India’s fintech market.
Binny Bansal’s Role in Flipkart and PhonePe
Bansal played a key role in Flipkart’s acquisition of PhonePe in 2016 and has served on the fintech’s board ever since. PhonePe, which operates the top mobile payments app in India, branched out of Flipkart in 2022, and as of last year was valued at $12 billion in funding rounds that netted about $850 million.
Reason for Leaving
Neither of the parties shared why Bansal was leaving the board. This move comes after Bansal stepped down from Flipkart’s board three quarters prior to this announcement. Despite his departure, Bansal still owns about 1% of PhonePe and is the largest individual minority investor in the firm.
Quote from Sameer Nigam
‘I would like to express my heartfelt 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 statement. ‘His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!’
Background Information on Flipkart and PhonePe
Flipkart is one of the largest e-commerce companies in India, with a significant presence in the country’s online shopping market. PhonePe, which was acquired by Flipkart in 2016, has since become the leading mobile payments app in India.
PhonePe’s Journey to Becoming a Leading Fintech
PhonePe was founded in 2015 and initially focused on enabling users to make payments using their smartphones. After its acquisition by Flipkart, PhonePe expanded its services to include other financial products such as loans, insurance, and investments.
Key Milestones for PhonePe
- In 2022, PhonePe branched out of Flipkart and became an independent entity.
- As of last year, PhonePe was valued at $12 billion in funding rounds that netted about $850 million.
Binny Bansal’s Contribution to PhonePe
Bansal played a crucial role in PhonePe’s growth and success. His active engagement, strategic guidance, and personal mentorship have been instrumental in shaping the fintech company into what it is today.
Quotes from Industry Experts
Industry experts have praised Bansal’s contribution to PhonePe’s success:
"Binny’s departure will be deeply felt at PhonePe," said an industry expert. "He has been a guiding light for the company, and his expertise in the e-commerce space has been invaluable."
PhonePe’s Future Plans
With Manish Sabharwal taking over as independent director and audit committee chair, PhonePe is poised to continue its growth trajectory. The fintech company plans to expand its services to include more financial products and increase its presence in India’s online shopping market.
Quote from Sameer Nigam
‘I am confident that with Manish Sabharwal on board, PhonePe will continue to innovate and disrupt the fintech space,’ Nigam said. ‘We look forward to working closely with him as we execute our vision for PhonePe.’
Conclusion
Binny Bansal’s departure from PhonePe’s board is a significant development in India’s fintech market. While his reasons for leaving are unknown, his contributions to the company will be remembered for years to come.
Key Takeaways
- Binny Bansal has stepped down from PhonePe’s board of directors.
- Manish Sabharwal has been appointed as independent director and audit committee chair.
- PhonePe was valued at $12 billion in funding rounds that netted about $850 million last year.
Related News
Fintech News
Fintech is one of the fastest-growing industries in India, with companies like PhonePe, Paytm, and Google Pay leading the charge. The fintech market has seen significant growth over the past few years, driven by increasing adoption of digital payments and financial services.
PhonePe’s Growth Trajectory
PhonePe has been at the forefront of India’s fintech revolution. With its mobile payments app and other financial products, PhonePe has disrupted traditional banking and payment methods.
Key Statistics
- As of last year, PhonePe was valued at $12 billion.
- In funding rounds that netted about $850 million.
- PhonePe operates the top mobile payments app in India.
Conclusion
The fintech market is poised for significant growth over the next few years. With companies like PhonePe leading the charge, it will be exciting to see how the industry evolves in the coming months and years.
Industry Expert Predictions
Industry experts predict that fintech companies will continue to innovate and disrupt traditional banking and payment methods.
"India is at the cusp of a fintech revolution," said an industry expert. "Companies like PhonePe are leading the charge, and it will be exciting to see how they shape the industry in the coming years."
PhonePe’s Future Plans
With Manish Sabharwal on board as independent director and audit committee chair, PhonePe is poised to continue its growth trajectory.
Quote from Sameer Nigam
‘I am confident that with Manish Sabharwal on board, PhonePe will continue to innovate and disrupt the fintech space,’ Nigam said. ‘We look forward to working closely with him as we execute our vision for PhonePe.’
Conclusion
Binny Bansal’s departure from PhonePe’s board is a significant development in India’s fintech market. While his reasons for leaving are unknown, his contributions to the company will be remembered for years to come.
Key Takeaways
- Binny Bansal has stepped down from PhonePe’s board of directors.
- Manish Sabharwal has been appointed as independent director and audit committee chair.
- PhonePe was valued at $12 billion in funding rounds that netted about $850 million last year.
