Flipkart co-founder Binny Bansal has quit the board of Indian fintech PhonePe, three quarters after making a similar move at the e-commerce giant.

Bengaluru-headquartered PhonePe said it had appointed Manish Sabharwal, an executive at staffing and HR firm Teamlease, as an independent director and audit committee chairman.

Bansal played an important role in Flipkart's 2016 purchase of PhonePe, and he has sat on the board of the fintech since then. PhonePe, which runs the most popular mobile payment app in India, spun out of Flipkart in 2022, and as of last year was worth about $12 billion in funding rounds that netted about $850 million.

Bansal still owns about 1% of PhonePe and is the largest individual minority investor in the firm. Neither of the parties shared why he was leaving the board.

"I would like to extend my sincerest thanks to Binny Bansal for being among the earliest and strongest champions of PhonePe," Sameer Nigam, a co-founder and chief executive of PhonePe, said in a statement. "His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!"