
Flipkart Co-Founder Binny Bansal Steps Down From PhonePe’s Board; Manish Sabharwal Appointed
Binny Bansal, Co-Founder of Flipkart, has stepped down from PhonePe’s Board of Directors.
Further, Manish Sabharwal, Vice Chairman and Co-Founder of Teamlease Services, has been appointed as an Independent Director and Chair of its Audit Committee. He will oversee financial reporting, internal controls, and risk management.
Bansal joined the PhonePe Board in 2016 after Flipkart acquired the payments platform and had earlier exited Flipkart’s Board in January 2025. He held multiple roles at Flipkart, including Chief Operating Officer (COO), Chief Executive Officer (CEO), Group CEO, and Chairman. Currently, he is an entrepreneur-investor and mentor, backing startups like Stellaps, Ather, Increff, Inshorts, Tracxn, Goodera, Acko, Cure.fit, Rupeek, and GreyOrange. He also Co-Founded xto10x Technologies to support growth-stage startups. Bansal holds a bachelor’s degree in computer science and engineering from IIT Delhi and has received multiple recognitions, including ‘Asian of the Year’ in 2016.
Before TeamLease, Sabharwal Co-Founded India Life, an HR services firm later acquired by NYSE-listed Hewitt Associates, after which he served as CEO of Hewitt Outsourcing (Asia) in Singapore. Sabharwal is a member of the Advisory Board of the Comptroller and Auditor General (CAG) and serves on the governing board of the National Council of Applied Economic Research (NCAER). He is Managing Trustee of the New India Foundation and a columnist for the Indian Express. He has also served as an Independent Director on the Reserve Bank of India Board. Sabharwal holds an MBA from The Wharton School and is an alumnus of Shri Ram College, Delhi, and Mayo College, Ajmer.