Flipkart Co-Founder Binny Bansal Steps Down From PhonePe's Board

Binny Bansal Steps Down: After quitting Flipkart's board earlier this year, Binny Bansal has now stepped down from PhonePe's Board as well.

“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!,” said Sameer Nigam, Chief executive officer (CEO) and founder, PhonePe.

The fintech startup posted a profit after tax of Rs 197 crore for FY24 (excluding ESOP costs) a significant turnaround from the Rs 738 crore loss recorded the previous year.

PhonePe's standalone payments business also reported an adjusted PAT (profit after tax) of Rs 710 crore for FY24, a sharp rebound from a Rs 194 crore loss recorded in the previous year.

The company has appointed Manish Sabharwal as an Independent Director and Chair of its Audit Committee. He is the Vice-Chairman of Teamlease Services, India's leading staffing and human resources firm.

“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," the company said in a release.

Over the past five years, PhonePe has slashed its customer support staff by nearly 60 per cent, reducing the team from about 1,100 agents to just over 400, as per company’s annual report filed on October 21. This shift was largely owing to the advent of AI-powered solutions being adopted by the company.

“This efficiency was achieved by increasing automated customer service issue resolutions, powered by AI-driven chatbots, to over 90 per cent,” the company stated in its annual report.