News

PayU’s Chief Investment and Transformation Officer Vijay Agicha Resigns After Seven Years

• ByStartupStory     |    December 27, 2024

PayU’s Chief Investment and Transformation Officer, Vijay Agicha, has resigned from his position, marking the end of his seven-year stint with the payments solutions major since joining in 2017.

During his tenure, Agicha played a pivotal role in shaping PayU’s investment strategy and fintech ecosystem. His contributions included driving four significant acquisitions and fostering a thoughtful fintech ecosystem through several minority investments.

“Agicha has played an instrumental role in driving four meaningful acquisitions and building a thoughtful Fintech ecosystem via several minority investments during his long stint with the organisation. As he concludes his leadership journey at PayU, we wish him continued success,” a PayU spokesperson told Inc42.

Agicha is speculated to transition to an investment firm where he will focus on fintech investments. He also serves on the boards of BriskPe, DotPe, and Fisdom, further showcasing his influence in the fintech sector.

Leadership Shakeups at PayU

Agicha’s resignation comes amid a wave of leadership changes at PayU. The company recently sold its global operations to Israel-based fintech provider Rapyd in August 2023, marking a strategic shift.

Other high-profile exits include Suresh Rajagopalan, the former CEO of PayU’s subsidiary Wibmo, and global CFO Akash Moondhra. PayU Finance’s CEO Prashanth Ranganathan also stepped down in recent months. These departures follow PayU’s global CEO Laurent Le Moal stepping back from day-to-day operations in September 2023, with Anirban Mukherjee taking over as his successor in October 2023.

Future Prospects for PayU

Despite the leadership changes, PayU remains focused on its growth trajectory. Its parent company, Prosus, announced plans in November 2023 to list PayU in India by 2025. In October, reports indicated that Goldman Sachs had been finalized as one of the lead bankers for the public issue.

PayU’s Indian subsidiary has continued its financial growth, reporting an 11% year-on-year (YoY) increase in revenue to $444 million in FY24.

PayU’s Global Reach

Founded in 2002 by Nitin Gupta, Shailaz Nag, Jose Velez, Martin Schrimpff, Arjan Bakker, and Grzegorz Brochocki, PayU operates under the ownership of Prosus’ Naspers Group. Its Indian subsidiary was launched in 2011, with Nitin Gupta and Shailaz Nag as co-founders.

The company provides payment and financial services in regions such as Latin America, Southeast Asia, Central and Eastern Europe, and Africa, in addition to India.

Follow Startup Story