PayU, the fintech company backed by Prosus is going through some changes, in its leadership team after selling its global payments division to Rapyd. It is expected that CEO Laurent Le Moal, CFO Aakash Moondhra, and other executives will be leaving. These transitions are happening ahead of PayU’s planned IPO in 2024. Anirban Mukherjee is probably to become the CEO.
Having divested its global payments division to Rapyd, an Israel-based enterprise, Prosus-backed fintech firm PayU is poised for significant shifts in its top-tier leadership. Reports indicate that both Global CEO Laurent Le Moal and CFO Aakash Moondhra are on track to depart from their roles. These anticipated departures are a prelude to PayU’s forthcoming initial public offering scheduled for 2024.
Likewise, Prashanth Ranganathan, the CEO overseeing PayU Credit’s LazyPay, is also poised to bid farewell to the company. Ranganathan initially founded PaySense, a consumer lending entity, which was acquired by PayU Credit back in 2020.
Reports suggest that Anirban Mukherjee, the current CEO of PayU India, is in line to assume the mantle of global CEO once Le Moal steps down.
Over the past few years, PayU has successfully spun off 25 out of its 28 market presences, as highlighted in the report. Despite this restructuring, India remains the prime market for PayU, as indicated by Prosus’s latest annual filings. Notably, PayU India contributed a substantial 51% to the company’s global operations in the fiscal year 2023. Impressively, the Indian arm generated $399 million in revenue, marking a notable 31% increase compared to the previous year.
With an extensive network, PayU’s Indian business collaborates with over 450,000 merchants and serves more than two million credit customers. Alongside India, PayU maintains its presence in Turkey and Southeast Asia.
It’s pertinent to mention that PayU, a Netherlands-headquartered payment service provider catering to online merchants, was founded in 2002. The company enables online businesses to seamlessly process payments through various methods that can be seamlessly integrated with both web and mobile applications.
Currently operational in 17 countries, PayU is under the ownership of the Naspers Group, which also holds a stake in one of its sister concerns, Tencent.
