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Binny Bansal Steps Down from PhonePe Board; Manish Sabharwal Joins as Independent Director!
PhonePe has announced a significant leadership change with Binny Bansal, co-founder of Flipkart, stepping down from its Board of Directors. Simultaneously, the fintech company has appointed Manish Sabharwal, Vice-Chairman of staffing firm TeamLease Services, as an Independent Director and Chair of its Audit Committee.
Leadership Transition
In his new role, Manish Sabharwal will oversee the integrity and effectiveness of PhonePe’s financial reporting, internal controls, and risk management processes. His extensive experience in the finance and staffing sectors positions him well to guide PhonePe through its next phase of growth.
Acknowledgment of Contributions
Sameer Nigam, CEO and Founder of PhonePe, expressed gratitude to Binny Bansal for his critical contributions to the company:
“Binny has been one of PhonePe’s earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. He will be missed!”
Welcoming Manish to the board, Nigam added:
“Manish’s exceptional understanding of India’s macroeconomy and his leadership in shaping policies around education, employment, and employability will be instrumental as PhonePe moves forward with its vision for a Viksit Bharat by 2047.”
Manish Sabharwal’s Credentials
Manish Sabharwal brings a wealth of experience to PhonePe’s board. His notable credentials include:
- Independent Director on the Reserve Bank of India’s Board: Providing oversight on monetary policy and financial stability.
- Member of the Advisory Board: Serving on the Advisory Board of the Comptroller and Auditor General (CAG) in India.
- Governing Board Member: Active participation in the National Council of Applied Economic Research (NCAER), contributing to economic research and policy formulation.
These roles highlight his deep understanding of economic frameworks and governance, which will be beneficial for PhonePe as it navigates regulatory landscapes.
Strategic Timing
This leadership change coincides with PhonePe’s recent reverse-flip to India, a strategic move aimed at aligning its operations with its commitment to the Indian market. The reverse-flip involved shifting its corporate structure back from Singapore to India, reinforcing its focus on local growth and compliance.
Future Outlook
The addition of Manish Sabharwal is expected to bolster PhonePe’s strategic capabilities as it continues to expand its footprint in the fintech ecosystem. With plans to go public in the coming years, strong governance will be crucial for building investor confidence.
Conclusion
Zomato’s inclusion in the Sensex is a significant milestone, reflecting the growing influence of tech-driven, new-age companies in India’s financial markets. As it joins the ranks of established blue-chip companies, this move is expected to attract more institutional investments and enhance its visibility among investors. The changes to various indices highlight an evolving landscape in India’s stock market, where innovative companies are gaining recognition alongside traditional industries.
Rozana, India’s leading rural retail platform, has secured ₹290 crore ($35 million) in a Series B funding round led by Bertelsmann India Investments (BII), with participation from Omidyar Network India, Vivid Capital, and Tana Investment Holding. This Rozana funding brings its total capital to over ₹500 crore, fueling hyperlocal expansion in underserved rural markets. Founded in 2021 by brothers Prashant and Prateek Chauhan, the startup’s phygital model blends micro-stores, app-based ordering, and last-mile delivery to connect 5 million+ users in 12 states with brands like ITC and HUL.
The ₹290 crore investment will supercharge Rozana’s rural omnichannel retail strategy, targeting 5x growth in 18 months. Plans include adding 5,000 micro-stores in Uttar Pradesh, Bihar, and Rajasthan; AI-powered inventory tech; and new categories like groceries and electronics. By empowering 20,000+ rural micro-entrepreneurs, Rozana taps into India’s $700 billion rural retail boom, where smartphone penetration and UPI drive 12% annual growth.
This Rozana Series B milestone positions it as a frontrunner against rivals like Ninjacart, eyeing unicorn status by 2028 amid ONDC tailwinds. CEO Prashant Chauhan emphasized, “We’re building rural prosperity through accessible premium brands.” For more on Rozana funding news and rural retail trends, stay updated on India’s startup ecosystem.
Peak XV Partners has launched three new funds totaling $1.3 billion, targeting India’s booming startup ecosystem. The lineup features the $600M Surge fund (8th edition) for early-stage ventures, a $300M Growth Fund for Series B+ scaling, and a $400M Acceleration Fund for rapid portfolio expansion. This commitment arrives as India’s VC inflows rebound, with AI and fintech leading 2026 trends.
These funds build on Peak XV’s legacy of backing unicorns like Zomato and Pine Labs, offering founders capital plus strategic guidance amid post-winter recovery. Early-stage deals surged 20% last year per Tracxn, positioning Peak XV to fuel the next wave of innovation in SaaS, climate tech, and consumer plays.
For startups eyeing Peak XV new funds or Surge fund 2026 applications, this signals prime opportunities. Investors and marketers should watch for deployment updates India remains a global VC hotspot.
Hyderabad, January 13, 2026 Neeman’s, India’s leading D2C footwear brand famed for sustainable shoes and patented PIXLL® technology, has raised $4 million from existing investors. This funding boosts its cumulative capital past $10 million since 2015, with a post-money valuation nearing $50 million. CEO Vijay Chahoria emphasized offline retail as the “next frontier,” planning 50+ new stores in Tier 2/3 cities like Jaipur and Lucknow to blend eco-friendly innovation with hands-on customer experiences.
In India’s booming D2C ecosystem where footwear sales hit ₹1.2 lakh crore in 2025 Neeman’s targets hybrid retail amid high online CAC and 25-30% returns. Backed by vegan, machine-washable shoes priced ₹2,000-4,000, the brand leverages PIXLL® (5x more breathable than leather) for carbon-neutral comfort. Recent 5x revenue growth to ₹100 crore ARR, 1M+ pairs sold via Myntra and stores, and awards at India D2C Summit 2025 position it ahead of rivals like Paaduks.
Neeman’s offline expansion India eyes the $15B sustainable footwear market by 2028, fueled by PLI schemes, Gen Z’s 70% eco-preference (Nielsen), and Southeast Asia exports. Challenges like real estate costs are offset by data-driven inventory and omnichannel QR tech. Watch for Q1 2026 launches in Hyderabad and Bengaluru redefining D2C success through authentic, “Wear the Change” branding.
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