PayU Global CFO Aakash Moondhra Quits

SUMMARY

Aakash Moondhra joined PayU in 2015, after leading the finance function at V-Mart for 13 years

Moondhra, who has three decades of experience, said in the post that he will stay at PayU till September 30

The development comes a month after it was reported that PayU’s global CEO and CFO were moving out following the sale of its global operations

Aakash Moondhra, the global CFO of the Prosus-owned fintech PayU, said he resigned from the payments firm on Thursday.

Moondhra, who has three decades of experience, said in the post that he will stay at PayU till September 30, calling his decision to move on an ‘end of an era’.

“September 30, 2023 will be my last day at PayU/Prosus Fintech in the capacity of global CFO. It has been an extremely enriching and gratifying journey… The business grew almost 20x in volumes, crossing $100 Bn in transaction volume processed, approximately 10X in revenues crossing a billion dollars in and profitable,” said Moondhra in his LinkedIn post.

Moondhra joined PayU in 2015, after leading the finance function at V-Mart for 13 years. Before that, he had worked across functions in companies such as Snapdeal, ZestMoney, Nokia, Bharti Airtel and AT&T.

The development comes around a month after media reports noted that PayU’s global CEO Laurent Le Moal and Moondhra were moving out of the organisation, following the sale of the fintech’s global operations. Prashanth Ranganathan, CEO of PayU Credit, who joined the company after his startup PaySense was acquired in 2020, is also leaving the organisation.

In August, Prosus sold PayU’s Global Payments Organisation (GPO) to Israel’s Rapyd for $610 Mn, shifting its focus to operations in India, Turkey and Southeast Asia. The GPO included PayU’s operations in countries such as Latin America, Central and Eastern Europe and Africa.

“In the process of crystallising value, we decided to sell part of the business and put India on the path to initial public offering (IPO) with the right leaders in place. Completion of the most satisfying chapter,” Moondhra said of the sale. He played a crucial role in the sale of the PayU GPO to Rapyd last month.

PayU’s GPO division accounted for around 30% of PayU’s total revenue. In FY23, the GPO’s total payment volumes experienced a 12% year-on-year (YoY) growth, reaching $34 Bn.

The shift in focus at PayU is also accompanied by a potential IPO for the India unit. While the South Africa-headquartered entity has started preparations, there are no timelines in sight.