PayU Anticipates Key Leadership Changes Following Global Payments Sale to Rapyd
- ByStartupStory | August 25, 2023
Key leadership changes are anticipated at Prosus-backed fintech company PayU following the sale of its global payments organization to Israel’s Rapyd. Reports suggest that Global CEO Laurent Le Moal and CFO Aakash Moondhra are likely to depart the company. These leadership adjustments come ahead of PayU’s planned public listing in 2024, as reported by Sources. Prashanth Ranganathan, CEO of PayU Credit’s LazyPay, is also expected to exit. Ranganathan had founded consumer lending company PaySense, which was acquired by PayU Credit in 2020. PayU has been approached for confirmation, but no response has been received at the time of this article’s publication.
According to the same report, India CEO Anirban Mukherjee is poised to assume the position of global CEO of PayU’s business subsequent to Le Moal’s departure. Over the past few years, PayU has successfully divested itself from 25 out of the 28 markets it previously operated in. Notably, India remains PayU’s largest market, contributing 51% to its global business in FY23, as indicated by Prosus’s annual filings. PayU’s Indian operations generated a revenue of $399 million, reflecting a 31% increase from the previous year. The company’s Indian arm collaborates with over 450,000 merchants and serves more than two million credit customers. In addition to India, PayU maintains a presence in Turkey and Southeast Asia.
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