Senior Exec At PayU May Exit Following Prosus' Stake Sale

SUMMARY

PayU chief executive Laurent Le Moal and chief financial officer Aakash Moondhra may step down from their positions

This development comes after Prosus’ fintech arm PayU sold a part of its business to Israel’s Rapyd

With the changes at global level, PayU India CEO Anirban Mukherjee is likely to report to Prosus chief executive officer Bob Van Dijk directly

Weeks following Prosus’ partial stake sale in fintech leader PayU, the Prosus-backed digital payments giant is also expected to undergo top management changes, in addition to shifts in business strategy.

PayU chief executive officer Laurent Le Moal and chief financial officer Aakash Moondhra may step down from their positions, ET said in a report.

This development comes after the Netherlands-based investment firm Prosus’ fintech arm PayU sold a part of its business to Israel’s Rapyd for $610 Mn to focus on the Indian market.

Le Moal has been at the forefront of steering the fintech, payments, and credit enterprises and has been a part of the PayU Group since 2016. On the other hand, Moondhra, in addition to his role as CFO, has been an integral member of the core team actively shaping the Prosus Fintech Strategy, which encompasses both organic and inorganic expansion into high-growth markets.

With the changes at the global level, PayU India CEO Anirban Mukherjee is likely to report directly to Prosus chief executive officer Bob Van Dijk. Moreover, he might assume added responsibilities for overseeing international markets, such as those in Turkey and Southeast Asia.

Prosus’s payments and fintech segment posted a consolidated revenue growth of 52% to $903 Mn in FY23, the investment firm claimed earlier.

PayU’s GPO division offers advance ecommerce payment solutions to international merchants in over 30 countries, spanning Latin America, Central and Eastern Europe, and Africa. This business segment accounts for approximately 30% of PayU’s total revenue. In FY23, the GPO’s total payment volumes experienced a 12% year-on-year growth, reaching $34 Bn.

Prosus CEO said at the time of PayU part sale that the company is now fully focused on the huge fintech opportunity in India, where PayU is the leading payments service provider and is rapidly expanding its credit offering.

PayU is also exploring the options for a public listing of its Indian entities. Though there is no information for a potential timeline so far. Prosus wants to focus on PayU India’s lending business for its public listing, keeping the focus around both LazyPay and PaySense.

PayU India turned profitable in FY22, reporting a net profit of INR 126 Cr. Its total revenue rose 31% year-on-year (YoY) to $399 Mn in FY23.