PhonePe announces the Appointment of Manish Sabharwal as Independent Director and Audit Committee Chair

National, November 22nd, 2024: PhonePe, announced the appointment of Manish Sabharwal as an Independent Director and Chair of its Audit Committee. In this role, Manish will be instrumental in upholding the integrity and effectiveness of PhonePe’s financial reporting, internal controls, and risk management practices.

PhonePe also announced that Flipkart’s 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.

Speaking on the board changes, Sameer Nigam, CEO and Founder of PhonePe said, “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!” 

“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.”

About Manish Sabharwal

Manish is Vice-Chairman of Teamlease Services, India’s largest staffing and human capital firm.

Teamlease has over 300,000 employees in 5000+ cities, sponsored India’s first vocational university and operates India’s fastest growing national PPP apprenticeship program. The company has hired 2 million employees over the last 20 years.

Manish 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 that offers fellowships for writing books about post-1947 India and is a columnist for Indian Express. He got his MBA from The Wharton School and is an alumnus of Shriram College, Delhi and Mayo College, Ajmer.

About PhonePe Group: 

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 575+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 300+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.8+ Trillion. 

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

For more details contact: [email protected]