Mumbai: PhonePe has appointed Manish Sabharwal as an Independent Director and Chair of its Audit Committee. In this pivotal role, Sabharwal will be responsible for ensuring the integrity and effectiveness of PhonePe’s financial reporting, internal controls, and risk management practices. His expertise is expected to strengthen the company’s governance framework as it continues its growth trajectory.
In a separate announcement, PhonePe also shared that Binny Bansal, co-founder of Flipkart, has stepped down from the Board of Directors. Bansal, who acquired PhonePe in 2016, has been an integral part of the company’s Board since then.
Commenting on the leadership 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!”
Nigam further added, “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.”
Manish Sabharwal is the Vice-Chairman of Teamlease Services, India’s largest staffing and human capital firm, which has employed over 2 million people across 5,000+ cities in India. Teamlease also operates India’s fastest-growing national Public-Private Partnership (PPP) apprenticeship program and has sponsored the country’s first vocational university.
In addition to his role at Teamlease, Sabharwal has served on various policy committees focused on education, employment, and employability. He was an Independent Director on the Reserve Bank of India’s Board and currently serves on the Advisory Board of the Comptroller and Auditor General (CAG) and the governing board of the National Council of Applied Economic Research (NCAER). He is also the Managing Trustee of the New India Foundation, which offers fellowships for writing about post-1947 India, and contributes as a columnist for the Indian Express. Sabharwal holds an MBA from The Wharton School and is an alumnus of Shriram College, Delhi, and Mayo College, Ajmer.
