Binny Bansal, co-founder of Flipkart, has resigned from the board of directors at PhonePe, a fintech company he played a key role in acquiring in 2016. The move comes three years after PhonePe branched out of Flipkart and was valued at $12 billion in funding rounds last year.

Bansal's departure from the board has been filled by Manish Sabharwal, an executive at staffing and HR firm Teamlease, who will serve as an independent director and audit committee chair. Although the reason for Bansal's exit was not disclosed, PhonePe's co-founder and CEO, Sameer Nigam, expressed gratitude for his contributions, saying his "active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions."

Notably, Bansal still owns about 1% of PhonePe, a significant stake in the company. His exit from the board marks a significant shift in the company's leadership, and the tech community will be watching to see how this change impacts PhonePe's future growth and direction.