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

"PayU Payments, which is owned by Prosus, has added five new members to its board of directors. Among them are Laurent Le Moal, the former global chief executive officer of PayU company, and Renu Sud Karnad, the former managing director (MD) of Housing Development Finance Corporation Ltd (HDFC) With the addition of Chief Financial Officer Arvind Agarwal and CEO Anirban Mukherjee, the PayU Payments board now has seven members. Two independent directors, Gopika Pant, a managing partner at Indian Law Partners, and Jairaj Purandare, the founder and chairman of JMP Advisors Pvt Ltd, join Karnad, who has been chosen as the board's chairwoman. The non-executive directors are Jan Bune, a former partner at Deloitte Netherlands, and Laurent Le Moal, a former worldwide CEO of PayU group. ""We're happy to have assembled an exceptional board that will provide us with advice and direction as we develop a full suite of digital financial services to benefit India, promote digitisation, and promote financial inclusion. As India strives to become a $1-trillion internet economy by 2030, PayU is positioned to profit from the unmatched online payments opportunity as the country's economy undergoes rapid transition, according to Mukherjee. The news that Renu Sud Karnad has consented to join our board greatly pleases me. Renu's distinguished career has given her a solid foundation in financial services. She will contribute the knowledge and expertise needed to significantly impact PayU's future, he continued. In addition, Karnad is the head of the board of GlaxoSmithKline Pharmaceuticals Limited and president of the International Union of Housing Finance (IUHF).

Moneycontrol has already covered the changes in PayU Finance's leadership at the NBFC credit division. Chief risk officer (CRO) Deepak Mendiratta has been promoted to CEO by the company, and Manish Kulkarni, a former CEO of DBS Bank, has assumed the role of CFO for the subsidiary. PayU Payments, a company that offers payment gateway services to internet companies, states that it serves more than 5 lakh clients, including SMBs, e-commerce companies, and large corporations. With a focus on expanding its operations in India and considering a possible IPO, PayU India recorded $400 million in sales in FY23, a 31% increase over the previous fiscal year."