Prosus-owned fintech major PayU India’s Chief Executive Officer (CEO) Anirban Mukherjee has been promoted to the role of global CEO of PayU. “In his new role, Anirban will join the Prosus leadership team and report directly to Ervin Tu, Prosus and Naspers Interim CEO. He will be responsible for overall business operations of PayU,” said the company in its statement.
He is replacing Laurent Le Moal, who will step back from the operational management of the day-to-day business, but will remain with Prosus and PayU in an advisory capacity.
This comes just two months after Netherlands-based investment firm Prosus announced that the fintech arm PayU is selling a part of its business to Israel’s Rapyd for $610 million.
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The move is part of the fintech major’s India-centric approach. “As part of the transition to an Indian-focused strategy for PayU, now is the right time for Anirban to run the PayU business. Innovation and progressive regulation are driving rapid change within the digital payments industry in India, and we see many opportunities to support the next phase of growth for PayU,” said Ervin Tu, Prosus and Naspers Interim Chief Executive Officer.
The company claimed that it serves over 4,50,000 merchants, 70+ large banks via its paytech platform Wibmo, and more than 2 million customers with credit facilities in India, and that its business is witnessing continued growth within the country’s dynamic fintech landscape
“The synergy of the government’s Digital India initiative and RBI’s forward-thinking regulation presents a significant opportunity for PayU to build a robust fintech franchise out of India. Prosus has been vital in PayU’s growth, and we will collaborate closely with Ervin and the Prosus team as we enter the next phase of PayU’s journey in India and Southeast Asia,” said Anirban Mukherjee, CEO - PayU.
Prosus’s payments and fintech segment posted a consolidated revenue growth of 52 per cent to $903 million in FY23, it added.
The company said that it is also witnessing accelerated growth in Southeast Asia and sees a vast opportunity in this region to grow and innovate further.