Deepak Mendiratta promoted to CEO, while Manish Kulkarni appointed CFO at PayU Finance
- ByStartupStory | February 9, 2024
PayU Finance, the NBFC credit arm of Prosus-owned PayU, has announced the promotion of its chief risk officer (CRO), Deepak Mendiratta, to the position of chief executive officer (CEO). Concurrently, former DBS Bank chief, Manish Kulkarni, has been appointed as the chief financial officer (CFO) of the subsidiary, marking a significant reshuffle in the company’s top leadership roles.
According to reports, Mendiratta’s elevation follows the departure of Prashanth Ranganathan, who resigned six months ago to pursue a new fintech venture. This transition underscores the company’s commitment to maintaining stability and continuity amidst leadership changes.
Speaking about the appointments, an official statement revealed, “The rejig runs parallel to leadership changes taking place across the board at the Dutch-listed technology investment firm, as the firm looks to double down on its India business and a potential listing, reportedly seeking a valuation of $6-6.5 billion.”
In line with its strategic focus on India, PayU aims to strengthen its position in the market and prepare for potential IPO plans. Interim Prosus CEO Ervin Tu emphasized, “We’re aiming to do so or make it at least listable by the second half of next year (2024).”
While awaiting the financial results for FY24, PayU India reported a significant growth in revenue for FY23, reaching $400 million, marking a 31 percent increase from the previous fiscal year. Notably, the core payments business witnessed a 15 percent growth to $211 million in the first half of FY24.
Highlighting the company’s performance, PayU India stated, “The lending business (PayU Finance) grew by 23 percent to $43 million revenues in the H1FY24. The size of the company’s loan book expanded 66 percent to $338 million at the end of the period.”
Amidst regulatory changes and market dynamics, PayU India remains focused on its core business segments, including payments and lending, while navigating challenges such as the revision of regulations on first loss default guarantees (FLDG).
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