PayU Payments, a subsidiary of Prosus, has expanded its board of directors by welcoming five distinguished members. These new appointments include Renu Sud Karnad, the former managing director of Housing Development Finance Corporation Ltd (HDFC), and Laurent Le Moal, who previously served as the global CEO of PayU group.
With these additions, the PayU Payments board now comprises seven members, including CEO Anirban Mukherjee and Chief Finance Officer Arvind Agarwal. Renu Sud Karnad has been named the chairperson of the board, alongside two independent directors, Gopika Pant from Indian Law Partners and Jairaj Purandare of JMP Advisors Pvt Ltd. Laurent Le Moal and Jan Bune, a former Deloitte Netherlands partner, are joining as non-executive directors.
Anirban Mukherjee, who succeeded Moal as the global CEO of PayU in October after Moal’s step back from daily operational management, expressed enthusiasm about the formation of a robust board. He highlighted the board’s role in steering PayU towards offering comprehensive digital financial services in India, contributing to digitization and financial inclusion, and taking advantage of the growing online payments sector as India progresses towards a $1-trillion internet economy by 2030.
Mukherjee particularly praised Renu Sud Karnad for her vast experience in financial services and her roles as president of the International Union of Housing Finance and chairperson at GlaxoSmithKline Pharmaceuticals Limited, emphasizing her significant potential contribution to PayU’s future.
Additionally, leadership changes at PayU’s NBFC credit branch, PayU Finance, were noted, with Deepak Mendiratta being promoted to CEO and Manish Kulkarni, formerly of DBS Bank, stepping in as CFO.
PayU Payments, known for its payment gateway solutions catering to over 500,000 businesses, including large enterprises, e-commerce sites, and SMBs, reported a revenue increase to $400 million in FY23, marking a 31 percent growth from the previous year. The company is awaiting FY24 results but disclosed a 15 percent revenue increase from its core payments business in the first half of the year to $211 million, attributed to its existing merchant base and the integration of payment processing stack Wibmo and its omnichannel business.
The firm is currently in discussions with the Reserve Bank of India (RBI) regarding its reapplication for a payment aggregator license, anticipating a favorable outcome soon.
