PayU’s Chief Investment Officer Vijay Agicha Resigns 

PayU’s chief investment and transformation officer Vijay Agicha has resigned from his position. This marks the end of Agicha’s seven-year stint with the payments solutions major since 2017.

His departure was earlier reported by ET and The Head And Tale, but did not include an official statement from PayU. Inc42 reached out to the company for a confirmation on the chief investment officer’s exit.

“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. Under his leadership, PayU has been actively expanding its fintech capabilities in India. He also serves on the boards of companies like BriskPe, DotPe and Fisdom.

His departure comes amid significant leadership changes within the company, particularly following the sale of PayU’s global operations to Israel-based fintech provider Rapyd in August 2023. 

Agicha’s resignation follows a series of high-profile exits, including Suresh Rajagopalan, the former CEO of PayU’s subsidiary Wibmo, a development first reported by The Head And Tale based on sources. However, his exit has not been confirmed by the company as of date. It must be noted that Rajagopalan’s LinkedIn profile states that he is still the CEO at Wibmo.

PayU global CEO Laurent Le Moal also stepped back from day-to-day operations in September 2023, while Anirban Mukherjee was appointed as his successor in October 2023. 

Other exits included former global CFO Akash Moondhra and CEO of PayU Finance Prashanth Ranganathan. 

Among other notable developments in recent times, VC firm  Prosus said in November that it is eyeing a listing for PayU in India in 2025. Earlier in October, it was reported that PayU has finalised Goldman Sachs as one of the lead bankers to helm the public issue. 

PayU, which was founded by Nitin Gupta, Shailaz Nag Jose Velez, Martin Schrimpff, Arjan Bakker, and Grzegorz Brochocki in 2002, is owned by Prosus’ Nasper Group. Its Indian subsidiary, PayU India, was launched in 2011, with Nitin Gupta and Shailaz Nag as its cofounders. 

Besides India, it provides payment and financial services across Latin America, Southeast Asia, Central and Eastern Europe and Africa. On the financial front, PayU India’s revenue grew 11% year-on-year (YoY) to $444 Mn in FY24.

Correction Note | December 28, 2024; 18:30

• We have added attribution to publications that had previously reported on this development