PayU Payments Appoints Ex-HDFC MD Renu Sud Karnad As Chairperson Of Board

PayU Payments has roped in former HDFC MD Renu Sud Karnad as an independent director and chairperson of the board along with 4 more directors

SUMMARY

PayU Payments has made five new appointments to strengthen its board

Gopika Pant, Jairaj Purandare, Jan Bune, and Laurent Le Moal are the other new additions to the digital payments major’s board

The development comes at a time when PayU India is said to be gearing up for its $500 Mn initial public offering

Prosus-backed digital payments major PayU Payments has rejigged its board with appointments of five new members.

The company has roped in former HDFC MD Renu Sud Karnad as an independent director and chairperson of the board. She comes with an experience of over four decades and currently chairs the board of directors of GlaxoSmithKline Pharmaceuticals. She is also the president of the International Union of Housing Finance (IUHF).

Further, Gopika Pant and Jairaj Purandare have come onboard as independent directors. While Pant brings in over three decades of legal experience and is the managing partner of Indian Law Partners, chairman of tax firm JMP Advisors Purandare brings in tax and regulatory knowhow.

Former global CEO of PayU Group Laurent Le Moal has also joined PayU Payment’s board as a non-executive and non-independent director. He has held positions on the executive team of Prosus from January 2016 to September 2023

Besides, Jan Bune, with nearly four decades of experience in public accounting, has also been appointed as non-executive and non-independent director on the company’s board.

PayU Payments board now consists of seven members, including CEO Anirban Mukherjee and CFO Arvind Agarwal.

The board members will provide strategic counsel to PayU Payment and guide the company usher in its next phase of growth, it said in a statement.

PayU Payments provides payment gateway solutions to online businesses and claims to have worked with over 5 Lakh businesses in the country so far.

The development comes at a time when PayU India is said to be gearing up for its $500 Mn initial public offering.

Earlier this month, PayU Finance, the NBFC credit arm of PayU India, also rejigged its leadership team. PayU Finance promoted chief risk officer Deepak Mendiratta to the role of chief executive and roped in ex-DBS Bank Manish Kulkarni as its new CFO.

Last year, Prosus sold PayU’s Global Payments Organisation (GPO) to Israel’s Rapyd for $610 Mn to focus on its business in India, Southeast Asia, and Turkey. PayU India registered a 31% year-on-year (YoY) rise in total revenue to $399 Mn in FY23.