Binny Bansal to Stay on PhonePe Board Amid New Venture Launch

Flipkart co-founder Binny Bansal, who recently stepped down from Flipkart’s board after seventeen years, will continue to serve on the board of PhonePe, the payments company incubated by Flipkart.

Despite starting a new venture, OppDoor, in the e-commerce space, there is no perceived conflict of interest as Bansal remains one of PhonePe’s earliest backers. His departure from Flipkart’s board comes after selling his remaining stake, while co-founder Sachin Bansal, who exited Flipkart earlier, is now involved in building the fintech venture Navi.

PhonePe, a dominant online payment app in India, raised nearly $450 million recently, valuing the company at $12 billion, with Walmart maintaining the majority stake.

Despite Flipkart’s foray into UPI payments, PhonePe continues to operate independently with significant fintech ambitions. In April 2023, PhonePe launched Pincode, part of India’s ONDC framework, strengthening its e-commerce ventures three months after the full ownership separation from Flipkart.