Flipkart Co-founder & PhonePe’s Minority Shareholder, Mr Binny Bansal has resigned from the Board of PhonePe, India’s top-most UPI player. 

Announcement  

Binny’s stepping down was announced by PhonePe’s Co-founder & CEO Sameer Nigam. He 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.”

Reasons 

Potential reasons for his stepping down remain undisclosed as neither PhonePe’s Board nor Binny Bansal himself has issued any statement in regard to the same.  

His Association 

He has been associated with PhoenPe since its acquisition by Flipkart in 2016. The fintech company was incubated by the E-commerce giant. He still owns a 1% minority stake in PhonePe being the largest individual minority shareholder in Phonepe’s board. 

He played a major role in PhonePe’s acquisition by Flipkart in 2016 and has been serving the Fintech’s board since then only.  

PhonePe’s State

PhonePe, the leading mobile payments app in India, separated from Flipkart in 2022. By the end of last year, it was valued at $12 billion following funding rounds that raised approximately $850 million.

While the reasons behind the development remain undisclosed,  it would be interesting to follow the prospects of PhonePe and OppDoor, Binny’s New Venture.  

Also Read: From fintech giants to innovators: Bengaluru shapes India’s growth story