The action is a part of the fintech company’s strategy to focus on India, as PayU plans to list in India sometime next year with a valuation of $6–6.5 billion.
Anirban Mukherjee has been promoted to the position of PayU’s global CEO following a dramatic management shake-up on October 3. Anirban Mukherjee will join the Prosus leadership team and report directly to Ervin Tu, Prosus and Naspers Interim CEO.
“In his new position, Anirban will become a member of the Prosus leadership group and work closely with Prosus and Naspers Interim CEO Ervin Tu. He will be in charge of PayU’s overall business operations, the company said in a statement to the media.
This comes just two months after the fintech division of PayU said it was selling a portion of its business to Israel’s Rapyd for $610 million, according to the Dutch investment firm Prosus.
PayU announced the sale of its Global Payments Organization (GPO), which offers online payment solutions to international merchants in more than 30 countries throughout Latin America, Central and Eastern Europe, and Africa.
Prior to Mukherjee’s appointment, Laurent Le Moal served as the global CEO. According to a statement, he would stand down from operational management of the day-to-day business but continue to work with Prosus and PayU in an advising capacity.
The action is a component of the fintech company’s India-focused strategy.
“Now is the ideal time for Anirban to lead the PayU business as part of the move to an Indian-focused strategy for PayU. We see many chances to assist the next phase of growth for PayU. “Innovation and progressive regulation are driving rapid change within the digital payments industry in India,” stated Ervin Tu, Prosus and Naspers Interim Chief Executive Officer.
According to insiders, PayU actually plans to list in India at some point in 2019. The fintech company is aiming for a $6–6.5 billion valuation. Arvind Agarwal, a former CFO at Nykaa, was chosen by PayU as its CFO in November 2022.
According to the statement, newly appointed Mukherjee will answer directly to Tu.
“PayU has a huge chance to establish a strong fintech franchise in India thanks to the convergence of the government’s Digital India plan and the RBI’s forward-thinking regulation. As we begin the next phase of PayU’s journey in India and Southeast Asia, Ervin and the Prosus team will be a key part of our collaboration. Prosus has been essential to PayU’s success.
In addition to our India-centric strategy, Southeast Asia is where PayU is currently experiencing rapid growth.
“We see a vast opportunity in this region to grow and innovate further,” the statement read.
According to a statement from the company, PayU India reported $400 million in revenue for the fiscal year that ended in March 2023, representing an increase of 31%.