In a dramatic management reshuffle on October 3, Prosus-owned fintech company PayU India's Chief Executive Officer (CEO) Anirban Mukherjee was promoted to PayU's worldwide CEO.
"In his new role, Anirban will join the Prosus leadership team and report directly to Ervin Tu, Interim CEO of Prosus and Naspers." He will be in charge of PayU's overall business operations, according to a press release. This comes just two months after Prosus, a Dutch investment group, announced that PayU's fintech unit is selling a portion of its business to Israel's Rapyd for $610 million.
PayU has announced the sale of its worldwide Payments Organisation (GPO), which provides e-commerce payment solutions to worldwide merchants in over 30 countries in Latin America, Central and Eastern Europe and Africa
Laurent Le Moal who was the global CEO prior to Mukherjee's appointment will step back from the operational management of the day-to-day business but will remain with Prosus and PayU in an advisory capacity, the statement said.
The move is part of the fintech company's India-centric strategy.
"As part of PayU's transition to an Indian-focused strategy, now is the appropriate time for Anirban to lead the PayU business." "Innovation and progressive regulation are driving rapid change in India's digital payments industry, and we see many opportunities to support PayU's next phase of growth," said Ervin Tu, Prosus and Naspers Interim CEO.
According to insiders, PayU plans to list in India sometime next year. The fintech firm is estimated to be worth $6-6.5 billion. In November 2022, PayU appointed former Nykaa Chief Financial Officer (CFO) Arvind Agarwal as their CFO.