PhonePe names Manish Sabharwal independent director, to chair audit committee

PhonePe has appointed Manish Sabharwal, founder of TeamLease, as an independent director, replacing Binny Bansal, co-founder of Flipkart. Sabharwal will also chair the company’s audit committee and will play a critical role in ensuring the integrity and effectiveness of PhonePe’s financial reporting.

The board changes come ahead of PhonePe’s anticipated initial public offering (IPO) in the next couple of years, as the company continues to expand its leadership team in line with its growth strategy.

PhonePe, which holds a dominant 50% market share in UPI, India’s most popular digital payments platform, will benefit from Sabharwal’s experience in strengthening internal controls and risk management practices.

Bansal, who has been on PhonePe’s board since Flipkart’s acquisition of the company in 2016, will step down following PhonePe’s separation from Flipkart last year, after which Walmart became its largest shareholder.

Sameer Nigam, CEO and Founder of PhonePe, thanked Bansal for his guidance and mentorship. “Binny’s active engagement and strategic direction have enriched our discussions,” Nigam said.

He added that Sabharwal’s expertise in India’s macroeconomy would be valuable as PhonePe looks to further its vision of a Viksit Bharat by 2047. “His leadership in shaping policies for education, employment, and employability will be key to PhonePe’s continued growth,” Nigam said.