Manish Sabharwal, the founder of TeamLease, has been appointed as an independent director at PhonePe. He will take over from Binny Bansal of Flipkart.

Sabharwal will also chair the audit committee, with a focus on improving the company's financial reporting. This change in the board is in line with PhonePe's plans to go public in the future. Sabharwal's expertise is expected to strengthen the company's internal controls and risk management practices, solidifying its position in the fintech industry.

PhonePe is currently the largest payments app in India, holding almost 50 percent of the market share in the Unified Payments Interface (UPI), the country's primary digital payments platform.