MUMBAI: Flipkart co-founder Binny Bansal has stepped ill from the board of PhonePe, the fintech which the e-commerce company had got in 2016 underneath Bansal’s guard and has now separated from Flipkart. In January this date, Bansal had additionally exited the board of Flipkart, certainly one of Republic of India’s early Startups introduced by way of Bansal along fellow IIT Delhi alumni Sachin Bansal in 2007 wherein US retail gigantic Walmart ultimately got a controlling stake in a $16 billion offer in 2018.
Bansal’s travel from each PhonePe and Flipkart forums come amid the founding of his fresh startup mission oppDoor founded in Singapore. Bansal have been at the fintech’s board since 2016. Bansal, alternatively, nonetheless residue the most important particular person minority shareholder in PhonePe with an about 1% stake, resources stated. “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,” Sameer Nigam, CEO and founder at PhonePe stated in a remark.
The Bengaluru-based corporate on Friday additionally introduced the appointment of Manish Sabharwal, vice-chairman of Teamlease Services and products as an distant director and chair of its audit committee. Valued at $12 billion, PhonePe which competes with Paytm and Google Pay in an increasing native fintech marketplace targets to move family within the coming years.
