PayU Payments Appoints Renu Sud Karnad as Chairperson of Board

PayU Payments, a digital payments major backed by Prosus, has made significant changes to its board with the appointment of five new members.

Renu Sud Karnad, former Managing Director of HDFC, joins as an independent director and chairperson of the board. With over four decades of experience, Karnad currently chairs the board of directors of GlaxoSmithKline Pharmaceuticals and is the president of the International Union of Housing Finance (IUHF).

Gopika Pant and Jairaj Purandare have been appointed as independent directors. Pant, with over three decades of legal experience, is the managing partner of Indian Law Partners. Purandare, the chairman of tax firm JMP Advisors, brings expertise in tax and regulatory matters.

Former global CEO of PayU Group, Laurent Le Moal, has also joined PayU Payment’s board as a non-executive and non-independent director. He served on the executive team of Prosus from January 2016 to September 2023.

Additionally, Jan Bune, with nearly four decades of experience in public accounting, has been appointed as a non-executive and non-independent director on the company’s board.

The board, which now consists of seven members, including CEO Anirban Mukherjee and CFO Arvind Agarwal, will provide strategic counsel to PayU Payment and guide the company in its next phase of growth.

PayU Payments provides payment gateway solutions to online businesses and claims to have worked with over 500,000 businesses in the country so far.

This development comes as PayU India prepares for its $500 million initial public offering.

Earlier this month, PayU Finance, the NBFC credit arm of PayU India, also revamped its leadership team. The company promoted chief risk officer Deepak Mendiratta to the role of chief executive and appointed ex-DBS Bank’s Manish Kulkarni as its new CFO.

Last year, Prosus sold PayU’s Global Payments Organization (GPO) to Israel’s Rapyd for $610 million to focus on its business in India, Southeast Asia, and Turkey. PayU India registered a 31% year-on-year (YoY) rise in total revenue to $399 million in FY23.

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• Source: https://timesnext.com/payu-payments-appoints-renu-sud-karnad-as-chairperson-of-board/